Data as on May 29, 2020

FUND
FACTS
29th May 2020

Product labelling overleaf.

1
Data as on May 29, 2020

CONTENTS PG. NO CONTENTS PG. NO

All Product Labelling Disclosures 3 L&T Overnight Fund (Formerly known

25
as L&T Cash Fund)
CEO’S View 4
L&T Liquid Fund 26
Glossary 5
L&T Ultra Short Term Fund 27
How to read a Factsheet 6
L&T Money Market Fund 28
Equity Market Review 7
L&T Banking and PSU Debt Fund 29
Debt Market Review 8
L&T Short Term Bond Fund 30
L&T Equity Fund 9
L&T Low Duration Fund 31
L&T Tax Advantage Fund 10
L&T Credit Risk Fund 32
L&T Large and Midcap Fund 11
L&T Flexi Bond Fund 33
L&T Infrastructure Fund 12
L&T Triple Ace Bond Fund 34
L&T India Large Cap Fund 13
L&T Gilt Fund 35
L&T India Value Fund 14
L&T Conservative Hybrid Fund 36
L&T Midcap Fund 15
L&T Resurgent India Bond Fund 37
L&T Emerging Businesses Fund 16
Fund Manager wise Scheme Details 38
L&T Business Cycles Fund 17
SIP Performance Of Growth Option 39
L&T Focused Equity Fund 18
NAV 41
L&T Nifty 50 Index Fund 19
Performance of Schemes 43
L&T Nifty Next 50 Index Fund 20
Minimum Investment Amount Details 47
L&T Balanced Advantage Fund (Formerly
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known as L&T Dynamic Equity Fund) Total Expense Ratio 48
L&T Hybrid Equity Fund 22 Dividend History 49
L&T Arbitrage Opportunities Fund 23 L&T Investment Management
52
Limited Branch Details
L&T Equity Savings Fund 24

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 All Product Labelling Disclosures
Data as on May 29, 2020

Scheme name and Type of scheme This product is suitable for investors who are seeking* Riskometer

L&T Overnight Fund (Formerly known as L&T Cash Fund) - An open ended debt scheme investing in overnight securities:• Reasonable returns with
lower volatility and higher liquidity over short term • Investment in debt and money market instruments with overnight maturity

L&T Liquid Fund - An open ended liquid scheme: • Generation of reasonable returns while maintaining safety and superior liquidity over short term
• Investment predominantly in highly liquid money market instruments, government securities and corporate debt.

L&T Ultra Short Term Fund - An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is
between 3 months to 6 months (please refer to page no.16 under the section “Asset Allocation Pattern” in the SID for details on Macaulay’s Duration)#:
• Generation of reasonable and stable income and liquidity over short term • Investments predominantly in highly liquid money market instruments,
government securities and corporate debt
L&T Short Term Bond Fund - An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is
between 1 year to 3 years (please refer to page no.16 under the section “Asset Allocation Pattern” in the SID for details on Macaulay’s Duration)#:
• Generation of regular returns over short term • Investment in fixed income securities of shorter term maturity.
L&T Arbitrage Opportunities Fund - An open ended scheme investing in arbitrage opportunities: • Generation of reasonable returns over short to
medium term • Investment predominantly in arbitrage opportunities in the cash and derivatives segments of the equity markets; and debt and money
market instruments
L&T Money Market Fund - An open ended debt scheme investing in money market instruments: • Generation of regular income over short to medium
term • Investment in money market instruments
L&T Banking and PSU Debt Fund - An open ended debt scheme primarily investing in debt instruments of banks, public sector
undertakings, public financial institutions and municipal bonds: • Generation of reasonable returns and liquidity over short term
• Investment predominantly in securities issued by Banks, Public Sector Undertakings and Public Financial Institutions and municipal corporations in India
L&T Low Duration Fund - An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is
between 6 months to 12 months (please refer to page no.16 under the section “Asset Allocation Pattern” in the SID for details on Macaulay’s Duration)#:
• Generation of reasonable returns over short to medium term • Investment in fixed income securities and money market instruments
L&T Credit Risk Fund - An open ended debt scheme predominantly investing in AA and below rated corporate bonds: • Generation of regular returns
and capital appreciation over medium to long term • Investment in debt instruments(including securitized debt), government and money market securities
L&T Flexi Bond Fund - An open ended dynamic debt scheme investing across duration: • Generation of reasonable returns over medium to long term •
Investment in fixed income securities
L&T Triple Ace Bond Fund - An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds: • Generation of regular and
stable income over medium to long term • Investment predominantly in AA+ and above rated corporate bonds and money market instruments
L&T Gilt Fund - An open ended debt scheme investing in government securities across maturity: • Generation of returns over medium to long term •
Investment in Government Securities
L&T Resurgent India Bond Fund - An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio
is between 3 years to 4 years (please refer to page no. 17 under the section “Asset Allocation Pattern” in the SID for details on Macaulay’s Duration)#: •
Generation of income over medium term • Investment primarily in debt and money market securities

L&T Equity Fund€ - An open ended equity scheme investing across large cap, mid cap, small cap stocks:ᵟ • Long term capital growth • Investment
predominantly in equity and equity-related securities
L&T Tax Advantage Fund - An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit: • Long term capital growth •
Investment predominantly in equity and equity-related securities
L&T Large and Midcap Fund - An open ended equity scheme investing in both large cap and mid cap stocks: • Long term capital growth • Investment
predominantly in equity and equity-related securities, with minimum allocation of at least 35% each to large cap and mid cap companies
L&T India Large Cap Fund - An open ended equity scheme predominantly investing in large cap stocks: • Long term capital appreciation • Investment in
equity and equity related securities, including equity derivatives in the Indian markets and foreign securities; with predominant investments in large cap stocks
L&T India Value Fund - An open ended equity scheme following a value investment strategy: • Long term capital appreciation • Investment predominantly
in equity and equity-related securities in Indian markets and foreign securities, with higher focus on undervalued securities
L&T Balanced Advantage Fund (Formerly known as L&T Dynamic Equity Fund) - An open ended dynamic asset allocation fundᵟ: • Long term
capital appreciation and generation of reasonable returns • Investment in equity and equity related instruments, derivatives and debt and money market
instruments.
L&T Hybrid Equity Fund - An open ended hybrid scheme investing predominantly in equity and equity related instruments: • Long term capital appreciation
and generation of reasonable returns • Investment in equity and equity-related securities and debt and money market instruments.
L&T Equity Savings Fund - An open ended scheme investing in equity, arbitrage and debt:ᵟ • Generation of regular income by predominantly investing
in arbitrage opportunities in the cash and derivatives segment and long–term capital appreciation through unhedged exposure to equity and equity related
instruments. • Investment in equity and equity related instruments, derivatives and debt and money market instruments
L&T Conservative Hybrid Fund - An open ended hybrid scheme investing predominantly in debt instruments: • Generation of regular income over
medium to long term • Investment in debt, equity and money market securities
L&T Focused Equity Fund - An open ended equity scheme investing in maximum 30 stocks in large, mid and smallcap companies: • Long term capital
appreciation • Investment in a concentrated portfolio of equity and equity related instruments of maximum 30 stocks.
L&T Nifty 50 Index Fund - An open-ended Equity Scheme tracking NIFTY 50 Index: • Long term capital appreciation • Investment in equity securities
covered by the NIFTY 50.
L&T Nifty Next 50 Index Fund - An open-ended Equity Scheme tracking Nifty Next 50 Index: •Long term capital appreciation • Investment in equity
securities covered by the NIFTY NEXT 50
L&T Midcap Fund - An open ended equity scheme predominantly investing in mid cap stocks: • Long term capital appreciation • Investment primarily in
midcap equity and equity-related securities

L&T Infrastructure Fund - An open-ended equity scheme investing in infrastructure sector: • Long term capital appreciation • Investment predominantly in
equity and equity-related instruments of companies in the infrastructure sector
L&T Emerging Businesses Fund - An open-ended equity scheme predominantly investing in small cap stocks: • Long term capital appreciation • Investment
predominantly in equity and equity-related securities, including equity derivatives in Indian markets with key theme focus being emerging companies (small
cap stocks); and foreign securities

L&T Business Cycles Fund - An open–ended equity scheme following business cycles based investing theme: • Long term capital appreciation • Investment
predominantly in equity and equity-related securities, including equity derivatives in Indian markets with focus on riding business cycles through dynamic
allocation between various sectors and stocks at different stages of business cycles in the economy

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
#The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price.
€
L&T Tax Saver Fund is merged with L&T Equity Fund.

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Data as on May 29, 2020

CEO’s VIEW
Financial Hygiene and Housekeeping
It’s been a long haul for all of us in the past 3 months of lockdown and each one
of us has swung between doing things that we had been pushing away for some
other day, trying out new things, cleaning, organising or just about whining in some
fatigue which has seeped into all of us at some point. Yet each one of us has found
our own way of re-arranging our lives and doing a pretty good job of it.
Here are some of my reflections of how to use the lockdown productively for financial
hygiene and upkeep at the personal front.
1. Prioritise:
• List: Make a list of all investments across banks, small savings, FD, shares,
bonds, mutual funds, real estate, etc.
• Email id : Ensure that you have a common mail id across all these
investments
• Phone Number: Ensure your updated phone number is recorded against
KAILASH KULKARNI these investments. It is not only for ease of communication for the
institutions concerned but also for your own operational ease and security
CEO, L&T Mutual Fund • Nomination: Please check and update nomination for all your Bank
accounts, locker, investments, demat accounts etc.
2. Health Insurance: Do you have an adequate family floater plan to cover the
medical insurance for you and your family. If one is salaried, please re-look at the
amount of cover that your employer is providing and get additional cover, if necessary.
3. Term Insurance: Does your term insurance cover not just the liabilities (loans) but
leave enough for your family to live a comfortable lifestyle in case of any unfortunate
event?
4. Contingency Funds: This is the most discussed and relevant topic today. This
has changed from a pre- pandemic 3-6 months of expense to approximately 6 to 9
months of spends as emergency funds, in a post Covid-19 scenario. One may want
to relook at this and have as much emergency funds deployed in relatively less risky
assets (liquid/overnight funds) wherein one gets the cash back at the earliest.
5. Importance of Asset Allocation: When the markets rise dramatically in a short
span or fall like they have done by around 25% since Jan 2020, it’s only the discipline
of asset allocation which keeps you away from the greed and fear cycle. Please
balance your portfolio of investments into debt and equity.
6. Risk Profile: Depending on risk profile spread equally between debt and equity
- you could choose between various mutual funds and invest according to the risk.
Understand your own risk taking capacity and the risks associated with various
financial instruments.
7. Financial Goal: Have a goal based approach for different objectives which means
your asset allocation can change from being more debt oriented for shorter term
goals to equity oriented for longer term goals.
8. Review: One must review his portfolio and investments every 6 months. Use a
competent advisor/mutual fund distributor to help you in this process.
Volatility is a part of markets and one has to ride the same to ensure that one is
financially free. As we stand today, things look uncertain and clearly there is no
predictability. But your financial hygiene will give you mental peace and come in as
very handy support when you are in need.
Please be safe and take care.

Disclaimer: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of
any specific person who may receive this information. The data/information used/disclosed in the article is only for information purposes and not guaranteeing / indicating any returns. The article provides
general information and comparisons made (if any) are only for illustration purposes. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax
and financial advisors before investing. Recipient of this document should understand that statements made herein regarding future prospects may not be realized. Recipient should also understand that
any reference to the indices/ sectors/ securities/ schemes etc. in the article is only for illustration purpose and are NOT stock recommendation(s) from the author or L&T Investment Management Limited,
the asset management company of L&T Mutual Fund (“the Fund”) or any of its associates. Any performance information shown refers to the past and should not be seen as an indication of future returns.
The value of investments and any income from them can go down as well as up. The distribution of the article in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who
come into possession of the article are required to inform themselves about, and to observe, any such restrictions.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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GLOSSARY
Data as on May 29, 2020

SHARPE RATIO
Sharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess to the investment in risk-free asset, for per
unit of total risk taken. While, positive Sharpe ratio indicates, portfolio compensating investors with excess returns (over risk-free
rate) for the commensurate risk taken; negative Sharpe ratio indicates, investors are better off investing in risk-free assets.

BETA
Beta (B) of a portfolio is a number indicating the relation between portfolio returns with that of the market index i.e. it measure
the volatility, or systematic risk, of a portfolio in comparison to the market as a whole.

MODIFIED DURATION
A formula that expresses the measurable change in the value of a security in response to a change in interest rates. Modified
duration of portfolio can be used to anticipate the change in market value of portfolio for every change in portfolio yield.

STANDARD DEVIATION
A statistical measure that defines expected volatility/risk associated with a portfolio. This explains the variation/deviation from the
average returns delivered by the portfolio. A higher standard deviation means higher volatility (risk) and a lower standard
deviation means lower volatility.

RISK FREE RETURN

The theoretical rate of return of an investment with safest (zero risk) investment in a country.

TRACKING ERROR
Tracking error indicates how closely the portfolio return is tracking the benchmark Index return. It measures the deviation
between portfolio return and benchmark index return. A lower tracking error indicates portfolio closely tracking benchmark index
and higher tracking error indicates portfolio returns with higher deviation from benchmark index returns.

TOTAL EXPENSE RATIO

Total expenses charged to scheme for the month expressed as a percentage to average
monthly net assets.

AVERAGE MATURITY
Weighted average maturity of the securities in scheme.

PORTFOLIO YIELD (YIELD TO MATURITY)

Weighted average yield of the securities in scheme portfolio.

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HOW TO READ A FACTSHEET
Data as on May 29, 2020

FUND MANAGER BETA RATIO (PORTFOLIO BETA)

An employee of the asset management company such as a Beta is a measure of an investment’s volatility vis-a-vis the
mutual fund or life insurer, who manages investments of the market. Beta of less than 1 means that the security will be
scheme. He is usually part of a larger team of fund managers less volatile than the market. A beta of greater than 1
and research analysts. implies that the security’s price will be more volatile than
the market.
APPLICATION AMOUNT FOR FRESH
SUBSCRIPTION AVERAGE PORTFOLIO PE (AVERAGE P/E)
This is the minimum investment amount for a new investor It is price to earnings ratio of the stocks calculated for the
in a mutual fund scheme. entire portfolio on a weighted average basis.

MINIMUM ADDITIONAL AMOUNT AVERAGE PORTFOLIO PRICE TO BOOK RATIO

This is the minimum investment amount for an existing (AVERAGE P/BV)
investor in a mutual fund scheme. It is price to book value of the stocks calculated for the
entire portfolio on a weighted average basis.
YIELD TO MATURITY
The Yield to Maturity or the YTM is the rate of return AVERAGE PORTFOLIO DIVIDEND YIELD
anticipated on a bond if held until maturity. YTM is (AVERAGE DIVIDEND YIELD)
expressed as an annual rate. The YTM factors in the bond’s It is dividend yield of the stocks calculated for the entire
current market price, par value, coupon interest rate and portfolio on a weighted average basis.
time to maturity.
NET EQUITY
SIP Net equity level is the net equity exposure percentage
SIP or systematic investment plan works on the principle of adjusted for any derivative positions in stocks or index for
making periodic investments of a fixed sum. It works similar hedging or rebalancing purpose.
to a recurring bank deposit. For instance, an investor may
opt for an SIP that invests Rs 500 every 15th of the month in R SQUARED
an equity fund for a period of three years. It is a statistical measure of how closely the portfolio
returns are correlated with its benchmark.
NAV
The NAV or the net asset value is the total asset value per AUM
unit of the mutual fund after deducting all related and AUM or assets under management refers to the recent /
permissible expenses. The NAV is calculated at the end of updated cumulative market value of investments managed
every business day. It is the value at which the investor by a mutual fund or any investment firm.
enters or exits the mutual fund.
HOLDINGS
BENCHMARK The holdings or the portfolio is a mutual fund’s latest or
A group of securities, usually a market index, whose updated reported statement of investments/securities.
performance is used as a standard or benchmark to measure These are usually displayed in terms of percentage to net
investment performance of mutual funds, among other assets or the rupee value or both. The objective is to give
investments. Some typical benchmarks include the Nifty, investors an idea of where their money is being invested by
Sensex, BSE200, BSE500, 10-Year Gsec. the fund manager.

EXIT LOAD NATURE OF SCHEME

Exit load is charged at the time an investor redeems the units The investment objective and underlying investments
of a mutual fund. The exit load is deducted from the determine the nature of the mutual fund scheme. For
prevailing NAV at the time of redemption. For instance, if instance, a mutual fund that aims at generating capital
the NAV is Rs. 100 and the exit load is 1 %, the redemption appreciation by investing in stock markets is an equity fund
price would be Rs.99 per unit. or growth fund. Likewise, a mutual fund that aims at
capital preservation by investing in debt markets is a debt
MODIFIED DURATION fund or income fund. Each of these categories may have
Modified duration is the price sensitivity and the percentage sub-categories.
change in price for a unit change in yield.
RATING PROFILE
STANDARD DEVIATION Mutual funds invest in securities after evaluating their
Standard deviation is a statistical measure of the range of an creditworthiness as disclosed by the ratings. A depiction of
investment’s performance. When a mutual fund has a high the mutual fund in various investments based on their
standard deviation, its means its range of performance is ratings becomes the rating profile of the fund. Typically,
wide, implying greater volatility. this is a feature of debt funds.

SHARPE RATIO
The Sharpe Ratio, named after its founder, the Nobel
Laureate William Sharpe, is a measure of risk-adjusted
returns. It is calculated using standard deviation and excess
return to determine reward per unit of risk.

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Data as on May 29, 2020

EQUITY
MARKET
REVIEW
Indian equity markets underperformed peer group MSCI EM and MSCI APXJ, despite Finance Minister announcing a special economic package of
Rs 21 trillion (10.1% of GDP) including liquidity injected by the RBI and credit guarantees. However, the details of the stimulus package announced
by the Finance Minister fell short of market expectations. The overall fiscal impact is expected to be modest in the range of 1-1.2% of GDP.
The RBI cut the repo rate by 40 bps to 4%, the lowest since 2000, and the reverse repo rate to 3.35%. Real GDP growth at 3.1% in 4QFY20
surprised to the upside. Full-year FY20 GDP growth came at an 11-year low of 4.2% (YoY). Nifty 50 and S&P BSE Sensex ended the month of May
with -2.8% and -3.8% returns, respectively.
Indian domestic market (Sensex) that slipped by -3.8% outperformed peer group MSCI Emerging market (+0.6%). MSCI AWI Index ended with +4%
returns. Midcap index outperformed the large cap index by 240 bps while the small cap indices outperformed the large cap index by 200 bps. BSE
Midcap and BSE Smallcap indices ended the month of May with -1.4% and -1.9% returns, respectively.

GLOBAL MARKETS RBI cut policy rates by 40 bps on May 22, taking the repo rate to 4% and the reverse
repo rate to 3.35%, 2 weeks before the scheduled policy review. The MPC noted
Global equities continued the strong positive momentum with MSCI AC World
that “the macroeconomic impact of the pandemic is turning out to be more severe
index up by 4.2% in May, after posting the highest monthly gain in April (+10.6%)
than initially anticipated, and various sectors of the economy are experiencing
since Global Financial Crisis (GFC). Global equity markets continued to move higher
acute stress.” With the lockdown progressively extended, the RBI extended the
as countries begin to ease lockdown restrictions, positive developments were
moratorium on repayments by borrowers, which was initially for three months by
witnessed in drug/vaccine development for COVID-19 and there was a general
another three months to August 31, 2020.
slowdown in the global infection growth.
Benchmark 10-year treasury yields averaged at 5.87% in May (40 bps lower vs.
Worldwide, all the major indices barring Hang Seng closed in green. Nikkei was
April avg.). Global yields have eased meaningfully, as central banks globally have
the out performer with 8.3% returns, followed by Dow Jones (4.3%), Euro Stoxx
cut policy rates aggressively and have announced large QE programs to counter the
(4.2%), and FTSE100 (3%). Hang Seng was the worst performer, down by -6.8%.
negative impact on global growth from the COVID-19 outbreak. US 10Y yields are
at 0.65% (-147 bps over the last 1 year).
SECTOR PERFORMANCE Brent oil price gained 55% (MoM) in May, to end the month at US$36.6/bbl,
Indian equity markets underperformed peer group and major global indices. Auto following a 10% (MoM) gain in April.
was the best performing sector with 5.6% returns, outperforming S&P BSE Sensex
by 9.4%. Healthcare (2%), FMCG (1.2%), Capital Goods (1.2%), Tech (1%), Metal
(0.9%), Power (-0.6%), IT (-1.2%), Oil & Gas (-1.9%) and Realty (-2.7%) outperformed
OUTLOOK
the S&P BSE Sensex. Banks and Consumer Durables underperformed the Sensex Indian equity markets underperformed major global indices upon disappointment
and were the worst performing sector with -10.5%, and -7.6% returns, respectively. on the fiscal stimulus provided by the government. India entered the list of top
10 countries hit by coronavirus, as confirmed cases rose 5.5x (MoM) to 191k but
death rates still remained much lower than global average. To curtail the spread of
INSTITUTIONAL ACTIVITY COVID-19, the government has extended the lockdown up to June 30, but restricted
FII recorded net inflows of $1.9 billion in May vs outflows of $0.9 billion in April, it only to containment zones. However, there is a phased reopening of activities in
2020, taking FY21 net inflows to $1 billion. After 2 months of consecutive outflows, areas outside the containment zones, starting with the opening of restaurants and
May month witnessed net FII inflows. malls from June 8 (Phase-1), followed by the opening of educational institutions in
DIIs were also net equity buyers of US$1.5 billion in May vs outflows of $0.1 billion Phase-2 (to be decided in July) and other activities in Phase-3 (timelines yet to be
in April, taking FY21 tally of inflows to $1.4 billion. Within DIIs, Mutual funds were decided).
net equity buyers at $374 million and insurance funds were also net equity buyers COVID -19 has wider implications on economies and businesses across the globe.
of $661 million in April. Economic activity has already begun to recover gradually in May, but the speed and
magnitude of recovery will depend on the following factors:
MACRO-ECONOMIC DEVELOPMENTS (1) Extent of risk aversion in household behavior, post the lockdown
Headline CPI for April could not be released as nationwide lockdown affected (2) More importantly whether initial COVID-19 shock amplifies through credit and
collection of price data. labor markets. There are near term challenges, but the broader market outlook
India reported weakest PMI among all the countries for which the survey continues to remain robust over the medium to long term, as focus will be back to
was conducted in April. Composite PMI for April fell to its all-time low of 7.2. fundamentals sooner than later, with opening of economic activity.
Manufacturing PMI fell to its all-time low of 27.4, lower than 44.4 (December 2008) India’s growth story is backed by multiple structural reforms led by stable
seen during GFC. Forward looking components also declined sharply, with new government, higher demographic dividend, improving ease of doing
orders declining to 10.2 (46.9 in March). The services PMI came in at an all-time business and low inflation which has got further tailwinds in the form of
low of 5.4 vs 49.3 in March. This compared to the previous lows of 40.3 in February lower crude oil prices. Indian Government is actively focusing on Make in India as
2009, reached during the GFC. many global companies are in process to re-structure their supply chain to reduce
Mar IIP contracted sequentially by 19.1%, translating into a YoY contraction the geographical risk of high dependency on China. We believe sectors like
of 16.5%. Plunge in March IIP was across the board and across all sub-indices – Pharma, Chemicals and Electronic manufacturing will be the biggest and
Consumer Durables (-30.3%), Non-Durables (-17.3%) and Capital Goods (-29.3%), early beneficiary of this re-alignment of supply chain and focus on Make
on month-on-month basis. in India.
India’s monthly trade deficit for April came at $6.8bn, declined by $3 billion (MoM). We believe FY21 will be a year of two halves, given the COVID-19 disruptions
India’s FX reserves reached an all-time peak of $490 billion, as of May 22, 2020. in the first 3-5 months and expected gradual recovery in the remaining
INR depreciated by 0.7% and ended month at 75.62/$ in May, despite the decline months of the fiscal year. Companies having core competitive advantage,
in DXY. strong balance sheet and ability to sustainably generate cash flows will not
only survive through this crisis but will emerge further even stronger with
higher market share, post COVID-19.
Source: Bloomberg, MSCI
7
Data as on May 29, 2020

DEBT
MARKET
REVIEW
Indian sovereign bond (old* 10-year benchmark G-Sec) closed at 6.17%, in anticipation of more monetary steps by the Reserve Bank of India, as
the lockdown imposed to curb the COVID-19 pandemic has taken a huge toll on an already faltering economy.
In May, the RBI’s Monetary Policy Committee (MPC) lowered the repo rate by 40 basis points, to a record low of 4%, taking the total tally of rate
cuts since March to a whopping 115 bps. With RBI Governor recently warning of a contraction in India’s GDP in 2020-21 (Apr-Mar), the central bank
is likely to continue loosening its monetary policy to nurse the economy back to shape.

MARKET PERFORMANCE markets over the coming years are:

The old* 10-year benchmark G-Sec yield closed at 6.17%, up by 06 bps from its How fast, as a country, are we able to come out of the COVID–19 health crisis and
previous close of 6.11% while the new 10-year benchmark closed at 5.78%. The what will be the trajectory of growth? Estimates on growth projections from various
levels on the short-term 1-year bond ended 30 bps higher at 3.5%. analysts for FY21 are in the negative zone.
In the corporate bond segment, yields fell across the yield curve over the month. Since Feb-2019, under the leadership of the new RBI Governor, RBI has been very
The 10-year AAA bond yield ended 35 bps lower at 6.8%, while the short-term proactive in its approach. Feb-19 to Feb-20 saw MPC cutting rates, announcement
1-year AAA bond yield ended 140 bps down at 4.6%. of LTROs and operation Twist to aid transmission of rates and support growth. Since
March-20, RBI has come out with rate cuts, TLTROs, CRR cut, and various other
The spread between 1-year and 10-year AAA bond widened. Within the short term
regulatory measures to ensure financial stability in the COVID-19 crisis. Markets
segment, yield on 3-month Commercial Paper (CP) was down 150 bps to 4%, while
will want to see how RBI steps in through OMO purchases and other measures,
1-year CP yield was down 150 bps at 4.5%.
at appropriate times, to ensure smooth borrowings of both Government and the
MACRO-ECONOMIC DEVELOPMENTS State.
GDP: India’s Gross Domestic Product (GDP) grew 3.1% in January-March vs 4.1% in As virtually the entire world is fighting the COVID-19 battle in their home
the previous quarter, reflecting the partial impact of the COVID-19 lockdown on the countries, central banks along with governments have come together to ensure
manufacturing and services sectors. India’s fiscal deficit widened to 4.59% of Gross economic and financial stability. While lower rates and accommodative policies will
Domestic Product (GDP) for the previous fiscal, overshooting the government’s be here for longer, how inflation pans out both domestically and globally will be a
revised target of 3.8%. key point to watch out.
IIP & Inflation: Annual WPI Food Index eased to 3.60% in April while the Moody’s downgraded India’s sovereign rating from Baa2 (negative) to Baa3
retail inflation stood at 5.84% in March, lowest in 4 months. Index of Industrial (negative). S&P and Fitch are already on BBB- stable outlook. Any further rating
Production (IIP) steeply contracted by 16.7% in March, amid complete shutdown of downgrade, from any of the three rating agencies, will put India in non -investment
industries due to coronavirus lockdown. grade (junk) territory. India’s potential inclusion in the global fixed income indices
will take a hit and any inflows, envisaged through this route may get severely
OUTLOOK impacted, if this were to happen.
The MPC meeting scheduled in June was preponed by 15 days and the repo rate
was cut by 40 bps from 4.40% to 4%. Consequently the reverse repo rate was also
RELATIVE VALUE AND FUND POSITIONING
lowered by 40 bps from 3.75% to 3.35%. The stance of the policy continued to be Short end rates (upto 1 year) have realigned, for most part, to the current reverse
accommodative, as long as necessary, to revive growth and mitigate the impact of repo and repo rates. However, with liquidity remaining in abundant surplus in the
COVID-19 on the economy, while ensuring that inflation remains within the target. system – we expect this part of the curve to sustain around the current levels.
The Government announced increase in the dated securities borrowings by Rs 4 The 2-3 year AAA bonds, despite having rallied sharply over the past month,
lakh crore. Weekly auctions thereafter increased from Rs 19,000 crore to Rs 30,000 continue to offer attractive carry, with spread of ~2% vs reverse repo rate
crore. The details of the Rs 20 lakh crore package, announced by the Finance and almost 1% vs 1-year CDs. We expect limited upside risks to yields, with
Minister, seems to suggest that the actual spend by the Government will be around possibility of yields moving lower, given the positive demand-supply backdrop in
Rs 1-3 lakh crore, which was comforting from a fixed income market perspective. this segment.
Yields on the 10-year G-Sec remained range-bound, with the old 10-year trading The segment, with the space to rally the most (and also more volatile) is the longer
in the range of 5.90 to 6.25%. The new 10-year benchmark security was issued at end of the curve. With 10-year G-Sec still trading at 250 bps over the reverse
5.79% and has been trading in the range of 5.70% to 5.90%. The sovereign yield repo rate and 10 year AAA corporate bonds trading at 90 bps over the G-Sec
curve is very steep with the spread between the 10-year and the repo rate at 175 benchmark, the longer end of the curve offers reasonably attractive pickup.
bps to 200 bps. We expect the RBI to announce its OMO strategy soon and that could lead to a rally
in yields, at the longer end.
Surplus liquidity in the system along with TLTRO’s from RBI has ensured that the
shorter end of the yield curve (upto 3 years) continue to trade lower whereas the The current bond market environment is a tricky one, where rates are likely to
longer end of the yield curve is trading at relatively higher yields because of higher stay low or rally over the coming year, with potential for normalization (upward
duration supply from G-Secs & SDLs and PSU entities. movement) of rates in 2021/2022, as and when the economic situation in the
post COVID-19 era improves. Active management of duration to capture the
Some of the important factors which will influence the direction of fixed income
ongoing rally while limiting losses in later years through well timed duration
reduction – can offer the most optimal strategy.
Source: MOSPI, Internal, Bloomberg
Note: L&T Investment Management and the content providers of this article shall not be liable for any errors in the content or for any actions taken in reliance thereon. The
recipient should note that the views expressed above are solely the views of L&T Investment Management Limited and/or its Fund Managers and it should not be construed as a
recommendation to buy or sell any securities/stocks in any sectors.
The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular
needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal,
tax and financial advisors before investing.
8
 Multicap Fund

L&T EQUITY FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities. There is no assurance that the investment
objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Aims to capitalize on investment Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
opportunities across the market Industry Assets Industry Assets
spectrum EQUITY & EQUITY RELATED Hero MotoCorp Limited 1.09%
Listed/Awaiting Listing on the Stock Exchanges Tata Motors Limited 0.68%
Pharmaceuticals Mahindra & Mahindra Limited ^
Focus on fundamentals: Quality and Sun Pharmaceutical Industries Retailing
scalability of business, Management  2.80%
Limited Avenue Supermarts Limited 2.96%
and Valuation Pfizer Limited 2.37% Future Retail Limited 0.52%
Sanofi India Limited 2.22% Construction Project
Torrent Pharmaceuticals Limited 1.79% Larsen & Toubro Limited 2.73%
Looking to own companies with relatively Lupin Limited 1.78% Ashoka Buildcon Limited 0.47%
strong balance sheets & attractive ratios Dr. Reddy's Laboratories Limited 1.73% Techno Electric & Engineering Company 0.27%
Dishman Carbogen Amcis Limited 1.60% Limited
Consumer Non Durables Ferrous Metals
 ITC Limited 4.19% Mishra Dhatu Nigam Limited 0.99%
Individual stock weight is a function  Hindustan Unilever Limited 3.39% Tata Steel Limited 0.96%
of fundamentals, valuation, market  Colgate Palmolive (India) Limited 2.80% JSW Steel Limited 0.90%
sentiment and conviction Asian Paints Limited 2.05% Maharashtra Seamless Limited 0.45%
Emami Limited 0.62% Power
Software NTPC Limited 1.30%
Date of Inception  Tata Consultancy Services Limited 4.41% Gas
 HCL Technologies Limited 3.24% GAIL India Limited 0.74%
Regular Plan May 16, 2005  Infosys Limited 3.17% Aegis Logistics Limited 0.52%
Direct Plan January 01, 2013 MphasiS Limited 0.86% Industrial Capital Goods
Oracle Financial Services Software Bharat Electronics Limited 0.61%
0.74% Apar Industries Limited 0.36%
Limited
Portfolio Turnover Banks Consumer Durables
 HDFC Bank Limited 5.46% Titan Company Limited 0.90%
0.4651 times Kotak Mahindra Bank Limited 2.56% Auto Ancillaries
ICICI Bank Limited 1.95% Tube Investment of India Limited 0.69%
State Bank of India 1.07% Paper
Fund Manager Indian Bank 0.28% West Coast Paper Mills Limited 0.51%
Finance Transportation
Mr. Vihang Naik & Mr. Venugopal Manghat Future Supply Chain Solutions
Muthoot Finance Limited 2.29% 0.29%
(w.e.f. Dec 17, 2019)~ Housing Development Finance Limited
1.70% Container Corporation of India
Corporation Limited ^
ICICI Lombard General Insurance Limited
Benchmark 1.15% Fertilisers
Company Limited
Cholamandalam Investment and Coromandel International Limited 0.06%
S&P BSE-500 TRI Index 1.06%
Finance Company Limited Pesticides
Cement Sharda Cropchem Limited 0.01%
Month end AUM Shree Cements Limited 2.54% Total 96.90%
The Ramco Cements Limited 2.40% PREFERENCE SHARES
2,044.27 (` In Crs) UltraTech Cement Limited 0.72% Listed / Awaiting listing on Stock
Petroleum Products Exchanges
 Reliance Industries Limited 5.33% Media & Entertainment
Monthly Average AUM Reliance Industries Limited - Rights 0.05% Zee Entertainment Enterprises 0.03%
Telecom - Services Limited
1,998.42 (` In Crs)  Bharti Airtel Limited 4.56% Total 0.03%
Industrial Products OTHERS
AIA Engineering Limited 1.58% (a) Tri Party Repo Dealing System 3.37%
Volatility Measures* Supreme Industries Limited 1.39% (TREPS)
Finolex Cables Limited 1.01% (b) Net Receivables/(Payables) -0.30%
Standard Deviation 20.59% Net Assets 100.00%
Swaraj Engines Limited 0.02%
R-Squared 0.98 WIM Plast Limited 0.01% Total number of holdings 63
Beta 0.97 Auto Indicates top ten instruments
Maruti Suzuki India Limited 2.00% ^ Indicates less than 0.01%
Sharpe Ratio# -0.33
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Pharmaceuticals
3-months Mibor NSE rate during last 3 months) 16.27% 14.29%
Consumer Non Durables
Software
Options Banks
3.77%
Growth and Dividend. 4.01% Finance
13.05%
The Dividend Option offers Payout and 4.56% Cement
Reinvestment facilities. Petroleum Products
5.38%
Telecom - Services
5.66% 12.42%
Industrial Products
6.20%
11.32% Auto
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.

9
 ELSS Fund

L&T TAX ADVANTAGE FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities. There is no assurance that the investment
objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

An open-ended ELSS fund with a flexible, Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
go-anywhere approach Industry Assets Industry Assets
EQUITY & EQUITY RELATED Techno Electric & Engineering 0.38%
Company Limited
Listed/Awaiting Listing on the Stock Exchanges
Retailing
Pharmaceuticals
Trent Limited 1.95%
Well-diversified portfolio; Bottom-up  Abbott India Limited 3.14%
investment approach Future Retail Limited 0.60%
Sun Pharmaceutical Industries Limited 3.04%
Auto
Sanofi India Limited 2.24%
Maruti Suzuki India Limited 2.02%
Lupin Limited 2.06%
Auto Ancillaries
Dr. Reddy's Laboratories Limited 2.00%
Focus on fundamentals: quality and Tube Investment of India Limited 1.16%
IPCA Laboratories Limited 1.87%
scalability of business, management and TVS Srichakra Limited 0.71%
valuation Alkem Laboratories Limited 1.40%
Consumer Durables
Pfizer Limited ^ Titan Company Limited 1.75%
Banks
Ferrous Metals
 HDFC Bank Limited 5.14%
3-year lock-in helps the fund manager Tata Steel Limited 0.83%
 Kotak Mahindra Bank Limited 3.11%
take positions in stocks with longer term Ratnamani Metals & Tubes Limited 0.67%
ICICI Bank Limited 2.80% Textile Products
return potential
State Bank of India 1.20% K.P.R. Mill Limited 1.09%
City Union Bank Limited 1.09% Industrial Products
IndusInd Bank Limited ^ Finolex Cables Limited 0.49%
Date of Inception Software WIM Plast Limited 0.23%
 Tata Consultancy Services Limited 3.65%
Regular Plan February 27, 2006 Greaves Cotton Limited 0.16%
 HCL Technologies Limited 3.64%
Direct Plan January 01, 2013 Gas
 Infosys Limited 3.56% Aegis Logistics Limited 0.80%
Oracle Financial Services Software Limited 1.13% Industrial Capital Goods
Affle India Limited ^ Bharat Electronics Limited 0.46%
Portfolio Turnover
Consumer Non Durables Skipper Limited 0.12%
 ITC Limited 3.54%
0.2727 times Paper
Berger Paints India Limited 2.16% Emami Paper Limited 0.35%
Jubilant Foodworks Limited 1.82% Pesticides
Fund Manager Emami Limited 1.71% Sharda Cropchem Limited 0.30%
Asian Paints Limited 1.70% Chemicals
Mr. Vihang Naik & Mr. Venugopal Manghat Finance Atul Limited 0.26%
(w.e.f. Dec 17, 2019) ICICI Lombard General Insurance Company Arti Surfactants Limited@ 0.01%
2.98%
Limited
Construction
Housing Development Finance 1.98% Somany Ceramics Limited 0.14%
Benchmark Corporation Limited
HDFC Life Insurance Company Limited 1.53% Total 97.53%
Cholamandalam Investment and PREFERENCE SHARES
S&P BSE 200 TRI Index 1.08%
Finance Company Limited Listed / Awaiting listing on Stock
General Insurance Corporation of India 1.03% Exchanges
Month end AUM Manappuram Finance Limited 0.91% Media & Entertainment
Cement Zee Entertainment Enterprises 0.02%
2,660.36 (` In Crs)  Shree Cements Limited
Limited
3.16%
Total 0.02%
The Ramco Cements Limited 2.42%
OTHERS
ACC Limited 1.45%
Monthly Average AUM (a) Tri Party Repo Dealing System
UltraTech Cement Limited 0.69% 2.70%
(TREPS)
Petroleum Products (b) Net Receivables/(Payables) -0.25%
2,586.36 (` In Crs)  Reliance Industries Limited 5.26% Net Assets 100.00%
Reliance Industries Limited - Rights 0.05% Total number of holdings 62
Volatility Measures* Telecom - Services
 Bharti Airtel Limited 4.45%
Standard Deviation 21.38% Construction Project Indicates top ten instruments
R-Squared 0.96 Larsen & Toubro Limited 2.73% ^ Indicates less than 0.01%
Engineers India Limited 0.94% @ Awaited Listing
Beta 1.01 Ashoka Buildcon Limited 0.39%
Sharpe Ratio# -0.33
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Pharmaceuticals
3-months Mibor NSE rate during last 3 months) 11.57%
15.75% Banks
2.55% Software
Options Consumer Non Durables
4.44%
Growth and Dividend. 4.45% Finance
13.34%
The Dividend Option offers Payout. 5.31% Cement
Petroleum Products
7.72%
11.98%
Telecom - Services
Construction Project
9.51%
10.93% Retailing
Others
Exit Load: Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.

10
 Large and Midcap Fund

L&T LARGE AND MIDCAP FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities with minimum allocation of at least 35% each
to large cap and mid cap companies. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

The fund invests in Midcaps and Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
Large caps as per the mandate of the Industry Assets Industry Assets
categorization EQUITY & EQUITY RELATED Petroleum Products
Listed/Awaiting Listing on the Stock Exchanges  Reliance Industries Limited 4.00%
The large cap is expected to reduce Consumer Non Durables Reliance Industries Limited - Rights 0.04%
volatility of the portfolio with exposure to  ITC Limited 4.23% Telecom - Services
mature and stable companies  Jubilant Foodworks Limited 3.88%  Bharti Airtel Limited 3.75%
Hindustan Unilever Limited 2.72% Chemicals
Meanwhile exposure to midcap is with Marico Limited 2.39% Atul Limited 2.85%
the expectation that it will fuel the Varun Beverages Limited 2.08% Cement
growth prospects Akzo Nobel India Limited 1.88% ACC Limited 1.51%
Emami Limited 1.63% UltraTech Cement Limited 1.32%
Colgate Palmolive (India) Limited 0.85% Construction Project
A fund with exposure to blend of growth
and stability Software Larsen & Toubro Limited 2.77%
 Tata Consultancy Services Limited 3.86% Auto Ancillaries
 HCL Technologies Limited 3.47% Amara Raja Batteries Limited 2.18%
Date of Inception Infosys Limited 3.39% Varroc Engineering Limited 0.15%
MphasiS Limited 3.00% Consumer Durables
Regular Plan May 22, 2006 Pharmaceuticals Bata India Limited 1.88%
Direct Plan January 01, 2013  Abbott India Limited 4.24% Ferrous Metals
 Torrent Pharmaceuticals Limited 3.78% JSW Steel Limited 1.57%
Pfizer Limited 2.92% Industrial Capital Goods
Portfolio Turnover
Lupin Limited 1.88% Honeywell Automation India Limited 1.39%
0.3619 times Banks Auto
 HDFC Bank Limited 4.20% Hero MotoCorp Limited 1.06%
 ICICI Bank Limited 3.73% Retailing
Fund Manager Kotak Mahindra Bank Limited 2.57% Future Retail Limited 0.52%
City Union Bank Limited 2.09% Future Lifestyle Fashions Limited 0.51%
Mr. Vihang Naik & Mr. Venugopal Manghat Finance Paper
(w.e.f. Dec 17, 2019)~ SBI Life Insurance Company Limited 2.02% Century Textiles & Industries Limited 0.77%
Cholamandalam Investment and Construction
1.54%
Finance Company Limited Brigade Enterprises Limited 0.33%
Benchmark
Housing Development Finance Arihant Superstructures Limited 0.09%
1.28%
Corporation Limited
NIFTY LargeMidcap 250 TRI Poddar Housing and Development Limited 0.07%
ICICI Prudential Life Insurance 0.91% Total 96.65%
Company Limited
Industrial Products OTHERS
Month end AUM (a) Tri Party Repo Dealing System
AIA Engineering Limited 2.84% 3.72%
(TREPS)
1,065.71 (` In Crs) Supreme Industries Limited 1.40%
(b) Net Receivables/(Payables) -0.37%
Polycab India Limited 0.88%
Net Assets 100.00%
WIM Plast Limited 0.23%
Monthly Average AUM Total number of holdings 47
Indicates top ten instruments
1,043.06 (` In Crs)

Volatility Measures*
Standard Deviation 21.48%
R-Squared 0.97
Beta 0.96
Sharpe Ratio# -0.32
*Source: ICRA MFIE
#Risk free rate assumed to be 3.21% (based on
3-months Mibor NSE rate during last 3 months)
TOP 10 SECTORS
Options Consumer Non Durables
13.29% 19.66%
Software
Growth and Dividend. Pharmaceuticals
2.83% 13.72%
The Dividend Option offers Payout and
2.85% Banks
Reinvestment facilities.
3.75% Finance
4.04% Industrial Products
5.35% Petroleum Products
5.75%
Telecom - Services
12.82% Chemicals
Cement
12.59%
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.

11
 Sectoral Fund

L&T INFRASTRUCTURE FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate capital appreciation by investing predominantly in equity and equity related instruments of companies in the infrastructure sector. There is no assurance
that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Provides opportunity to benefit from Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
participation in India’s structural Industry Assets Industry Assets
infrastructure growth EQUITY & EQUITY RELATED Telecom - Services
 Bharti Airtel Limited 9.97%
Listed/Awaiting Listing on the Stock Exchanges
Cement Gas
Potential to deliver higher returns,  The Ramco Cements Limited
 Mahanagar Gas Limited 3.96%
although with relatively higher risk 7.58%
 ACC Limited 3.53% Aegis Logistics Limited 0.89%
 UltraTech Cement Limited 2.76% Construction
Shree Cements Limited 2.06% Godrej Properties Limited 1.44%
A product with potential to generate Brigade Enterprises Limited 0.82%
significant alpha, especially during Grasim Industries Limited 1.78%
Birla Corporation Limited 1.29% Prestige Estates Projects Limited 0.78%
economic recovery
Industrial Products Poddar Housing and Development 0.16%
Limited
 AIA Engineering Limited 6.01%
Arihant Superstructures Limited 0.11%
 Orient Refractories Limited 3.35%
A product with a minimum investment Petroleum Products
horizon of 5 years Polycab India Limited 2.49%  Reliance Industries Limited 2.94%
Grindwell Norton Limited 2.00% Reliance Industries Limited - Rights 0.03%
Finolex Cables Limited 1.97% Engineering Services
Carborundum Universal Limited 0.99% RITES Limited 2.43%
Cummins India Limited 0.87% Power
Date of Inception Industrial Capital Goods NTPC Limited 2.20%
 Honeywell Automation India Limited 3.61%
Regular Plan September 27, 2007 Transportation
Bharat Electronics Limited 2.53%
Direct Plan January 01, 2013 Gujarat Pipavav Port Limited 1.45%
Thermax Limited 2.04% Future Supply Chain Solutions
BEML Limited 1.92% 0.68%
Limited
Portfolio Turnover Isgec Heavy Engineering Limited 1.52% Ferrous Metals
ABB India Limited 1.33% Maharashtra Seamless Limited 1.86%
0.2271 times Kennametal India Limited 1.30% Consumer Durables
Apar Industries Limited 0.68% Voltas Limited 1.40%
Siemens Limited 0.61% Paper
Fund Manager
Abb Power Products And Systems Century Textiles & Industries Limited 0.86%
0.29%
India Limited Non - Ferrous Metals
Mr. Venugopal Manghat & Mr. Vihang Naik
Skipper Limited 0.04%
(w.e.f. Dec 17, 2019) Hindalco Industries Limited 0.26%
Construction Project
Total 98.86%
 Larsen & Toubro Limited 7.65%
OTHERS
Benchmark Engineers India Limited 2.16% (a) Tri Party Repo Dealing System
Techno Electric & Engineering 0.97%
1.54% (TREPS)
Nifty Infrastructure TRI Index Company Limited (b) Net Receivables/(Payables) 0.17%
H.G Infra Engineering Limited 1.10% Net Assets 100.00%
Indian Hume Pipe Company Limited 0.85%
Month end AUM Total number of holdings 48
Ashoka Buildcon Limited 0.77%
Indicates top ten instruments
1,085.01 (` In Crs)

Monthly Average AUM

1,052.73 (` In Crs)

Volatility Measures*
Standard Deviation 24.22%
R-Squared 0.85
Beta 0.96
Sharpe Ratio# -0.50
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Cement
3-months Mibor NSE rate during last 3 months) 6.51% 19.00%
2.20% Industrial Products
2.43% Industrial Capital Goods
Options 2.97% 17.68%
3.31% Construction Project
Growth and Dividend.
4.85% Telecom - Services
The Dividend option offers Dividend Payout and 9.97% Gas
Dividend Reinvestment facilities. Construction
Petroleum Products
Engineering Services
15.87%
14.07% Power
Others

Exit Load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
12
 Large Cap Fund

L&T INDIA LARGE CAP FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities, including equity derivatives, in the Indian
markets. The Scheme will predominantly invest in large cap stocks. The Scheme could also additionally invest in Foreign Securities. There is no assurance that the
investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Invests predominantly in large cap Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
companies Industry Assets Industry Assets
EQUITY & EQUITY RELATED Auto
Listed/Awaiting Listing on the Stock Exchanges Maruti Suzuki India Limited 2.02%
Focus on fundamentals: Quality and Hero MotoCorp Limited 0.51%
scalability of business, Management and Banks
 HDFC Bank Limited 8.25% Bajaj Auto Limited 0.46%
Valuation Retailing
 ICICI Bank Limited 5.20%
 Kotak Mahindra Bank Limited 3.65% Avenue Supermarts Limited 1.41%
State Bank of India 0.80% Trent Limited 0.97%
Looking to own companies with strong Construction Project
balance sheets and strong cash flows Pharmaceuticals
 Divi's Laboratories Limited
Larsen & Toubro Limited 2.23%
3.37%
 Dr. Reddy's Laboratories Limited
Chemicals
3.20%
Atul Limited 1.69%
Torrent Pharmaceuticals Limited 2.01%
Individual stock weight is a function Construction
of fundamentals, valuation, market Sun Pharmaceutical Industries 1.79% Godrej Properties Limited 1.58%
sentiment and conviction Limited
IPCA Laboratories Limited 1.10% Gas
Lupin Limited 0.98% Petronet LNG Limited 0.84%
Pfizer Limited 0.69% Indraprastha Gas Limited 0.60%
Consumer Non Durables Consumer Durables
 Hindustan Unilever Limited 3.21% Titan Company Limited 0.70%
Date of Inception Nestle India Limited 2.27% Whirlpool of India Limited 0.59%
ITC Limited 2.25% Ferrous Metals
Regular Plan October 23, 2007 Asian Paints Limited 1.21% Tata Steel Limited 0.81%
Direct Plan January 01, 2013 Tata Consumer Products Limited 0.81% Tata Steel Limited - Partly Paid Up ^
Dabur India Limited 0.44% Auto Ancillaries
Berger Paints India Limited 0.32% MRF Limited 0.49%
Portfolio Turnover Software Bosch Limited 0.32%
 Infosys Limited 5.28% Power
0.4052 times Tata Consultancy Services Limited 3.19% NTPC Limited 0.56%
HCL Technologies Limited 1.54% Textile Products
Finance Page Industries Limited 0.41%
Fund Manager Pesticides
Housing Development Finance
 3.37% UPL Limited 0.41%
Mr. Venugopal Manghat & Mr. Vihang Naik Corporation Limited
ICICI Lombard General Insurance Total 98.25%
(w.e.f. Dec 17, 2019)~ 2.78% PREFERENCE SHARES
Company Limited
SBI Life Insurance Company Limited 1.98% Listed / Awaiting listing on Stock
HDFC Life Insurance Company Exchanges
Benchmark 0.90%
Limited Media & Entertainment
SBI Cards and Payment Services Zee Entertainment Enterprises Limited 0.04%
S&P BSE 100 TRI Index 0.40%
Limited Total 0.04%
Petroleum Products BONDS & NCDs
Month end AUM  Reliance Industries Limited 8.64% Listed / awaiting listing on the stock exchanges
Bharat Petroleum Corporation CRISIL
0.58% Britannia Industries Limited -
480.00 (` In Crs) Limited AAA
Reliance Industries Limited - Rights 0.08% Total -
Telecom - Services OTHERS
Monthly Average AUM  Bharti Airtel Limited 5.88% (a) Tri Party Repo Dealing System 1.94%
Cement (TREPS)
463.52 (` In Crs) Shree Cements Limited 2.29% (b) Net Receivables/(Payables) -0.23%
UltraTech Cement Limited 1.32% Net Assets 100.00%
The Ramco Cements Limited 1.26% Total number of holdings 54
Volatility Measures* Ambuja Cements Limited 0.61% Indicates top ten instruments
Standard Deviation 19.92% ^ Indicates less than 0.01%
R-Squared 0.98
Beta 0.96
Sharpe Ratio# -0.20
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Banks
3-months Mibor NSE rate during last 3 months) 11.27% 17.90%
Pharmaceuticals
2.38%
2.99% 13.14% Consumer Non Durables
Options Software
5.48%
Growth and Dividend. Finance
The Dividend option offers Dividend Payout and 5.88% Petroleum Products
Dividend Reinvestment facilities. Telecom - Services
9.30%
Cement
9.43% 10.51% Auto
Retailing
10.01%
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.

13
 Value Fund

L&T INDIA VALUE FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate long-term capital appreciation from diversified portfolio of predominantly equity and equity related securities, in the Indian markets with higher focus on
undervalued securities. The Scheme could also additionally invest in Foreign Securities in international markets. There is no assurance that the investment objective of
the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Diversified equity fund with strong Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
value bias that aims to deliver long term Industry Assets Industry Assets
superior risk adjusted returns EQUITY & EQUITY RELATED KEC International Limited 0.55%
Listed/Awaiting Listing on the Stock Exchanges Engineers India Limited 0.49%
Banks Indian Hume Pipe Company Limited 0.05%
Focus on identifying valuation anomalies  HDFC Bank Limited 6.82% Fertilisers
versus the economic potential of a  ICICI Bank Limited 5.46%  Coromandel International Limited 3.15%
business over the medium term Kotak Mahindra Bank Limited 1.00% Zuari Agro Chemicals Limited 0.06%
Pharmaceuticals Construction
 Sun Pharmaceutical Industries Limited 2.99% Oberoi Realty Limited 0.96%
IPCA Laboratories Limited 2.42% Prestige Estates Projects Limited 0.73%
Aims to minimize portfolio risk by
Divi's Laboratories Limited 2.26% KNR Constructions Limited 0.72%
investing in quality companies,
monitoring corporate fundamentals Lupin Limited 2.16% PNC Infratech Limited 0.33%
closely Cipla Limited 1.08% Brigade Enterprises Limited 0.31%
Dishman Carbogen Amcis Limited 0.12% Ferrous Metals
Petroleum Products Jindal Steel & Power Limited 1.29%
 Reliance Industries Limited 8.80% Ratnamani Metals & Tubes Limited 0.75%
No sector/market Hindustan Petroleum Corporation Limited 0.84% Tata Steel Limited 0.43%
cap bias Castrol India Limited 0.59% Tata Steel Limited - Partly Paid Up 0.01%
Reliance Industries Limited - Rights 0.08% Auto
Finance Maruti Suzuki India Limited 1.50%
 Housing Development Finance Corporation Limited 3.25% Hero MotoCorp Limited 0.51%
Date of Inception ICICI Lombard General Insurance Company Limited 1.81% Escorts Limited 0.31%
Manappuram Finance Limited 1.65% Hotels, Resorts And Other Recreational Activities
Regular Plan January 08, 2010 Muthoot Finance Limited 1.64% EIH Limited 0.53%
SBI Life Insurance Company Limited 1.07% The Indian Hotels Company Limited 0.49%
Direct Plan January 01, 2013 Cholamandalam Investment and Finance Company Power
0.10%
Limited NTPC Limited 0.87%
Software Retailing
Portfolio Turnover  Infosys Limited 4.57% Future Lifestyle Fashions Limited 0.58%
 HCL Technologies Limited 2.45% Future Retail Limited 0.28%
0.4010 times Persistent Systems Limited 0.97% Gas
Tata Consultancy Services Limited 0.10% Petronet LNG Limited 0.76%
Consumer Non Durables Pesticides
Fund Manager  ITC Limited 2.55% UPL Limited 0.70%
Tata Consumer Products Limited 2.18% Textile Products
Mr. Venugopal Manghat & Mr. Vihang Emami Limited 0.88% K.P.R. Mill Limited 0.54%
Naik(w.e.f. Dec 17, 2019)~ Godfrey Phillips India Limited 0.27% Dollar Industries Limited 0.09%
Marico Limited 0.26% Industrial Capital Goods
Varun Beverages Limited 0.08% Thermax Limited 0.22%
Benchmark Chemicals Apar Industries Limited 0.15%
Deepak Nitrite Limited 2.04% Industrial Products
S&P BSE 200 TRI Index Aarti Industries Limited 1.84% Cummins India Limited 0.26%
Navin Fluorine International Limited 1.76% Paper
Phillips Carbon Black Limited 0.21% West Coast Paper Mills Limited 0.15%
Month end AUM Arti Surfactants Limited@ 0.05% Total 98.89%
Cement PREFERENCE SHARES
5,587.22 (` In Crs) The Ramco Cements Limited 1.99% Listed / Awaiting listing on Stock Exchanges
Shree Cements Limited 1.63% Media & Entertainment
Ambuja Cements Limited 1.16% Zee Entertainment Enterprises Limited ^
Monthly Average AUM Birla Corporation Limited 0.70% Total -
JK Lakshmi Cement Limited 0.39% OTHERS
Telecom - Services (a) Tri Party Repo Dealing System
5,441.45 (` In Crs)  Bharti Airtel Limited 4.65% (TREPS)
1.56%
Auto Ancillaries (b) Net Receivables/(Payables) -0.45%
MRF Limited 1.69% Net Assets 100.00%
Volatility Measures* Balkrishna Industries Limited 0.91% Total number of holdings 76
Standard Deviation 23.53% Exide Industries Limited 0.78%
Indicates top ten instruments
Endurance Technologies Limited 0.49%
R-Squared 0.96 ^ Indicates less than 0.01%
Construction Project
Larsen & Toubro Limited 2.38%
@ Awaited Listing
Beta 1.11
Sharpe Ratio# -0.38
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Banks
3-months Mibor NSE rate during last 3 months) 20.15% 13.28%
Pharmaceuticals
11.03% Petroleum Products
Options Finance
Growth and Dividend.
3.87% Software
The Dividend option offers Dividend Payout and 4.65% Consumer Non Durables
Dividend Reinvestment facilities. 5.87% 10.31% Chemicals
Cement
5.90%
6.22% Telecom - Services
9.52%
8.09% Auto Ancillaries
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.

14
 Midcap Fund

L&T MIDCAP FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate capital appreciation by investing primarily in midcap stocks. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

The fund invests predominantly in midcap Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
stocks Industry Assets Industry Assets
EQUITY & EQUITY RELATED Poddar Housing and Development Limited 0.04%
Listed/Awaiting Listing on the Stock Exchanges Consumer Durables
Pharmaceuticals Johnson Controls - Hitachi Air
 IPCA Laboratories Limited
1.82%
Looks to invest in fundamentally strong 3.33% Conditioning India Limited
 Abbott India Limited 3.04% Voltas Limited 1.49%
companies with good growth prospects
Divi's Laboratories Limited 1.89% Ferrous Metals
Torrent Pharmaceuticals Limited 1.71% Ratnamani Metals & Tubes Limited 1.62%
Syngene International Limited 1.64% Jindal Steel & Power Limited 1.03%
Pfizer Limited 1.62% Banks
Focus on valuations – aims to own stocks
Eris Lifesciences Limited 0.96% City Union Bank Limited 1.37%
with high margin of safety to reduce
Alkem Laboratories Limited 0.83% The Federal Bank Limited 0.57%
overall portfolio risk
Finance Canara Bank 0.31%
Multi Commodity Exchange of India Limited 2.12% AU Small Finance Bank Limited 0.18%
Sundaram Finance Limited 1.80% Industrial Capital Goods
Manappuram Finance Limited 1.59% Thermax Limited 0.94%
Aims at broad diversification of portfolio, Max Financial Services Limited 1.44% ABB India Limited 0.81%
with a view to manage liquidity at the CRISIL Limited 1.32% Isgec Heavy Engineering Limited 0.26%
aggregate portfolio level Triveni Turbine Limited 0.23%
Cholamandalam Investment and Finance
1.27% Abb Power Products And Systems India Limited 0.17%
Company Limited
ICICI Securities Limited 1.15% Fertilisers
General Insurance Corporation of India 0.83%  Coromandel International Limited 2.31%
Date of Inception Textile Products
Consumer Non Durables
 Tata Consumer Products Limited 2.52% Page Industries Limited 1.53%
Regular Plan August 09, 2004  Berger Paints India Limited 2.27% Welspun India Limited 0.46%
Direct Plan January 01, 2013 Godfrey Phillips India Limited 1.56% K.P.R. Mill Limited 0.19%
Emami Limited 1.47% Dollar Industries Limited 0.13%
Balrampur Chini Mills Limited 0.32% Gas
Portfolio Turnover Chemicals Mahanagar Gas Limited 1.39%
 Aarti Industries Limited 2.31% Aegis Logistics Limited 0.60%
0.2775 times  Atul Limited 2.16% Construction Project
Deepak Nitrite Limited 1.21% Engineers India Limited 0.92%
Vinati Organics Limited 0.66% H.G Infra Engineering Limited 0.36%
Fund Manager Arti Surfactants Limited@ 0.04% Techno Electric & Engineering Company Limited 0.28%
Software Ashoka Buildcon Limited 0.20%
Mr. Vihang Naik & Mr. Venugopal Manghat  MphasiS Limited 2.22% Transportation
Affle India Limited 1.33% Blue Dart Express Limited 0.77%
(w.e.f. Dec 17, 2019) Info Edge (India) Limited 1.08% Gujarat Pipavav Port Limited 0.64%
BIRLASOFT Limited 0.93% Retailing
Industrial Products Trent Limited 0.77%
Benchmark Supreme Industries Limited 1.59% Future Lifestyle Fashions Limited 0.53%
Cummins India Limited 1.55% Future Retail Limited 0.08%
Nifty Midcap 100 TRI Index AIA Engineering Limited 1.33% Petroleum Products
Timken India Limited 0.69% Castrol India Limited 1.38%
Cement Hotels, Resorts And Other Recreational Activities
Month end AUM  Shree Cements Limited 2.75% EIH Limited 0.72%
The Ramco Cements Limited 2.01% The Indian Hotels Company Limited 0.60%
5,325.58 (` In Crs) Auto Ancillaries Commercial Services
MRF Limited 1.84% 3M India Limited 0.93%
Sundram Fasteners Limited 0.76% Healthcare Services
Monthly Average AUM Amara Raja Batteries Limited 0.68% Apollo Hospitals Enterprise Limited 0.76%
Exide Industries Limited 0.67% Total 95.29%
5,177.33 (` In Crs) Bosch Limited 0.62% OTHERS
Pesticides (a) Tri Party Repo Dealing System
4.81%
 Bayer Cropscience Limited 4.24% (TREPS)
Volatility Measures* Construction (b) Net Receivables/(Payables) -0.10%
Godrej Properties Limited 1.50% Net Assets 100.00%
Standard Deviation 22.68% Kajaria Ceramics Limited 1.19% Total number of holdings 80
Oberoi Realty Limited 0.86% Indicates top ten instruments
R-Squared 0.96
@ Awaited Listing
Beta 0.84
Sharpe Ratio# -0.33
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Pharmaceuticals
3-months Mibor NSE rate during last 3 months) 26.35% 15.02%
Finance
11.52% Consumer Non Durables
Options Chemicals
Growth and Dividend. Software
The Dividend option offers Dividend Payout and Industrial Products
Dividend Reinvestment facilities. 3.59% Cement
4.24% 8.14% Auto Ancillaries
4.57%
4.76%
Pesticides
6.38%
Construction
5.16% 5.56%
Others

Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
15
 Small Cap Fund

L&T EMERGING BUSINESSES FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities, including equity derivatives, in the Indian
markets with key theme focus being emerging companies (small cap stocks). The Scheme could also additionally invest in Foreign Securities. There is no assurance
that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

The scheme will invest at least 65% of its Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
total assets in small cap stocks Industry Assets Industry Assets
EQUITY & EQUITY RELATED Apar Industries Limited 0.86%
Listed/Awaiting Listing on the Stock Exchanges BEML Limited 0.48%
The focus is to invest in companies which Industrial Products Triveni Turbine Limited 0.41%
are in early stage of development and  AIA Engineering Limited 2.27% GMM Pfaudler Limited 0.27%
 Grindwell Norton Limited 2.19% Skipper Limited 0.07%
have the potential to grow their revenue
Finolex Industries Limited 1.94% Software
and profits at a higher rate as compared Supreme Industries Limited 1.45%  Persistent Systems Limited 2.61%
to broader market Finolex Cables Limited 1.18% Sonata Software Limited 1.23%
Orient Refractories Limited 1.12% Textile Products
Carborundum Universal Limited 1.03%  K.P.R. Mill Limited 2.12%
Small cap stocks will comprise of any Polycab India Limited 1.00% Welspun India Limited 0.95%
equity and equity related instruments of Swaraj Engines Limited 0.48% Dollar Industries Limited 0.22%
companies that are ranked beyond 250 MM Forgings Limited 0.44% Gokaldas Exports Limited 0.13%
based on the full market capitalization IFGL Refractories Limited 0.44% Retailing
KEI Industries Limited 0.43% Trent Limited 1.88%
Greaves Cotton Limited 0.42% Future Lifestyle Fashions Limited 0.80%
WIM Plast Limited 0.33% Shoppers Stop Limited 0.38%
Individual stock weight is a function Pharmaceuticals Future Retail Limited 0.33%
of fundamentals, valuation, market  Sanofi India Limited 3.72% Ferrous Metals
sentiment and conviction  Abbott India Limited 3.46% Ratnamani Metals & Tubes Limited 1.29%
IPCA Laboratories Limited 1.99% Mishra Dhatu Nigam Limited 1.10%
Suven Pharmaceuticals Limited 1.27% Maharashtra Seamless Limited 0.99%
Consumer Non Durables Construction Project
Date of Inception  VST Industries Limited 3.10% Techno Electric & Engineering Company Limited 1.37%
Akzo Nobel India Limited 1.83% Engineers India Limited 1.32%
Balrampur Chini Mills Limited 1.56% H.G Infra Engineering Limited 0.62%
Regular Plan May 12, 2014 Emami Limited 0.66% Consumer Durables
Direct Plan May 12, 2014 Godfrey Phillips India Limited 0.31% Amber Enterprises Limited 1.37%
Chemicals Greenply Industries Limited 0.62%
 Navin Fluorine International Limited 2.25% Johnson Controls - Hitachi Air 0.45%
Portfolio Turnover  Deepak Nitrite Limited 2.20% Conditioning India Limited
Fine Organic Industries Limited 1.13% Banks
Supreme Petrochem Limited 0.67% City Union Bank Limited 1.33%
0.2989 times Alkyl Amines Chemicals Limited 0.66% DCB Bank Limited 0.51%
Oriental Carbon & Chemicals Limited 0.36% The South Indian Bank Limited 0.06%
AksharChem India Limited 0.12% Transportation
Fund Manager Auto Ancillaries Gujarat Pipavav Port Limited 1.26%
Amara Raja Batteries Limited 1.99% Future Supply Chain Solutions Limited 0.53%
Tube Investment of India Limited 1.69% Auto
Mr. Venugopal Manghat& Mr. Vihang Naik TVS Srichakra Limited 0.83% Escorts Limited 1.40%
(w.e.f. Dec 17, 2019)~ Sterling Tools Limited 0.65% V.S.T Tillers Tractors Limited 0.35%
Sundram Fasteners Limited 0.52% Cement
Jamna Auto Industries Limited 0.50% The Ramco Cements Limited 1.47%
Benchmark Varroc Engineering Limited 0.43% Deccan Cements Limited 0.09%
Rico Auto Industries Limited 0.22% Pesticides
Construction Sharda Cropchem Limited 1.16%
S&P BSE Small Cap TRI Index Cera Sanitaryware Limited 1.48% Paper
Sunteck Realty Limited 0.93% Emami Paper Limited 0.44%
Prestige Estates Projects Limited 0.73% Orient Paper & Industries Limited 0.38%
Month end AUM Brigade Enterprises Limited 0.69% Fertilisers
Sobha Limited 0.50% EID Parry India Limited 0.79%
Kajaria Ceramics Limited 0.38% Hotels, Resorts And Other Recreational Activities
4,186.74 (` In Crs) Somany Ceramics Limited 0.35% EIH Limited 0.75%
Arihant Superstructures Limited 0.02% Petroleum Products
Gas Savita Oil Technologies Limited 0.60%
Monthly Average AUM  Mahanagar Gas Limited 3.82% Textiles - Cotton
Aegis Logistics Limited 0.95% Nitin Spinners Limited 0.20%
Finance RSWM Limited 0.02%
4,086.27 (` In Crs) Central Depository Services (India) Limited 1.22% Total 96.43%
ICICI Securities Limited 1.14% OTHERS
CARE Ratings Limited 1.06% (a) Tri Party Repo Dealing System 4.07%
Volatility Measures* Manappuram Finance Limited 0.73% (TREPS)
Rane Holdings Limited 0.31% (b) Net Receivables/(Payables) -0.50%
Standard Deviation 24.56% Industrial Capital Goods Net Assets 100.00%
Isgec Heavy Engineering Limited 1.05% Total number of holdings 96
R-Squared 0.96 Lakshmi Machine Works Limited 1.02% Indicates top ten instruments
Beta 0.88
Sharpe Ratio# -0.57
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Industrial Products
3-months Mibor NSE rate during last 3 months) 27.28% 14.72% Pharmaceuticals
Consumer Non Durables
Options 10.44%
Chemicals
Auto Ancillaries
Growth and Dividend. Construction
(Payout and Reinvestment)
3.84% Gas
4.16% 7.46% Finance
4.46% 7.39% Industrial Capital Goods
4.77% Software
5.08% 6.83%
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and
above the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
16
 Thematic Fund

L&T BUSINESS CYCLES FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To seek to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities, including equity derivatives, in the
Indian market with focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

A product that is suitable for investors Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
looking to benefit from positioning of Industry Assets Industry Assets
portfolio on business up-cycle EQUITY & EQUITY RELATED Ferrous Metals
 Ratnamani Metals & Tubes Limited 4.19%
Listed/Awaiting Listing on the Stock Exchanges
Banks Jindal Steel & Power Limited 0.97%
Potential to deliver higher alpha over  HDFC Bank Limited Tata Steel Limited - Partly Paid Up ^
long term 7.81%
 ICICI Bank Limited 5.79% Retailing
 Trent Limited 3.97%
 Kotak Mahindra Bank Limited 3.92%
State Bank of India 0.71% Avenue Supermarts Limited 0.75%
Suitable for investors looking to Cement Auto
benefit from economic  Shree Cements Limited 4.33% Maruti Suzuki India Limited 2.13%
expansion cycle  UltraTech Cement Limited 3.85% Hero MotoCorp Limited 0.51%
The Ramco Cements Limited 2.16% Pesticides
Birla Corporation Limited 1.14% Bayer Cropscience Limited 1.59%
Industrial Products UPL Limited 0.56%
Adds style diversification to investor’s PI Industries Limited 0.48%
portfolio  Timken India Limited 4.10%
AIA Engineering Limited 2.85% Gas
Finolex Cables Limited 1.19% Aegis Logistics Limited 2.20%
Carborundum Universal Limited 0.86% Finance
Date of Inception Schaeffler India Limited 0.85% Housing Development Finance 2.18%
Corporation Limited
Chemicals
Regular Plan August 20, 2014 Auto Ancillaries
 Deepak Nitrite Limited 4.48%
Direct Plan August 20, 2014 Sundram Fasteners Limited 1.41%
Atul Limited 1.78%
MRF Limited 0.67%
Aarti Industries Limited 1.43%
Fertilisers
Portfolio Turnover Petroleum Products
Coromandel International Limited 1.62%
 Reliance Industries Limited 7.24%
Hotels, Resorts And Other Recreational Activities
0.1481 times Reliance Industries Limited - Rights 0.07%
EIH Limited 0.71%
Consumer Durables
Industrial Capital Goods
Whirlpool of India Limited 2.01%
Fund Manager Thermax Limited 0.48%
Titan Company Limited 1.80%
ABB India Limited 0.16%
Mr. Venugopal Manghat & Mr. Vihang Naik Johnson Controls - Hitachi Air 1.27% Abb Power Products And Systems India
Conditioning India Limited 0.03%
(w.e.f. Dec 17, 2019)~ Limited
Bata India Limited 1.06%
Transportation
Blue Star Limited 0.85% Adani Ports and Special Economic Zone
Benchmark Construction 0.63%
Limited
KNR Constructions Limited 2.20% Total 98.40%
S&P BSE 200 TRI Index Godrej Properties Limited 1.54% OTHERS
Ahluwalia Contracts India Limited 1.29% (a) Tri Party Repo Dealing System 2.60%
Kajaria Ceramics Limited 0.84% (TREPS)
Month end AUM
Construction Project (b) Net Receivables/(Payables) -1.00%
448.30 (` In Crs) Larsen & Toubro Limited 3.09% Net Assets 100.00%
Indian Hume Pipe Company Limited 1.54% Total number of holdings 51
Engineers India Limited 0.64% Indicates top ten instruments
Monthly Average AUM Ashoka Buildcon Limited 0.47% ^ Indicates less than 0.01%
437.44 (` In Crs)

Volatility Measures*
Standard Deviation 25.17%
R-Squared 0.87
Beta 1.13
Sharpe Ratio# -0.47
*Source: ICRA MFIE TOP 10 SECTORS
#Risk free rate assumed to be 3.21% (based on Banks
3-months Mibor NSE rate during last 3 months) 15.36% 18.23%
Cement
11.48% Industrial Products
Options Chemicals
4.72%
Growth and Dividend. Petroleum Products
5.16%
The Dividend option offers Payout or Consumer Durables
Reinvestment facilities. 5.74% Construction
5.87% 9.85% Construction Project
6.99% Ferrous Metals
Retailing
7.31% 7.69%
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
17
 Multicap Fund

L&T FOCUSED EQUITY FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
The investment objective of the scheme is to provide capital appreciation by investing in equity and equity related instruments of maximum 30 stocks. There is no
assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

An open-ended equity scheme following Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
a concentrated strategy Industry Assets Industry Assets
EQUITY & EQUITY RELATED Finance
Listed/Awaiting Listing on the Stock Exchanges ICICI Lombard General Insurance
The fund aims to invest using a 2.24%
concentrated strategy by limiting to 30 Company Limited
Software
stocks in the portfolio Sundaram Finance Limited 2.19%
 Tata Consultancy Services Limited 7.78%
Pesticides
 Infosys Limited 6.27%
Concentrated risk is mitigated by Bayer Cropscience Limited 2.19%
investing in companies with scalable Affle India Limited 1.92%
PI Industries Limited 2.05%
opportunities, strong corporate Pharmaceuticals
governance and robust balance sheet Chemicals
 IPCA Laboratories Limited 4.71%
Aarti Industries Limited 3.95%
 Torrent Pharmaceuticals Limited 4.55%
Ability to harness opportunities across the Arti Surfactants Limited@ 0.06%
market spectrum - No market cap, sector Sun Pharmaceutical Industries
 4.41% Cement
or style bias Limited
Consumer Non Durables The Ramco Cements Limited 2.83%
 ITC Limited 4.38% Gas

Date of Inception Colgate Palmolive (India) Limited 4.02% Mahanagar Gas Limited 2.42%
Hindustan Unilever Limited 3.33% Construction Project
Regular Plan November 5, 2018
Banks Larsen & Toubro Limited 2.40%
Direct Plan November 5, 2018
 Kotak Mahindra Bank Limited 4.39% Ferrous Metals
HDFC Bank Limited 3.12% Tata Steel Limited 1.64%
Portfolio Turnover
ICICI Bank Limited 3.07% Construction
0.7096 times
Auto Godrej Properties Limited 1.10%
Maruti Suzuki India Limited 4.10% Total 97.85%
Fund Manager
Hero MotoCorp Limited 2.12% OTHERS
Mr. Vihang Naik & Mr. Venugopal Manghat Petroleum Products (a) Tri Party Repo Dealing System
2.33%
(w.e.f. Dec 17, 2019) (TREPS)
 Reliance Industries Limited 5.96%
(b) Net Receivables/(Payables) -0.18%
Reliance Industries Limited - Rights 0.06% Net Assets 100.00%
Benchmark
Retailing
Total number of holdings 29
Nifty 500 TRI Index  Avenue Supermarts Limited 5.43%
Indicates top ten instruments
Telecom - Services @ Awaited Listing
Month end AUM  Bharti Airtel Limited 5.16%

651.58 (` In Crs)

Monthly Average AUM

633.01 (` In Crs)

Options

Growth and Dividend.

The Dividend option offers Dividend Payout and
Dividend Reinvestment facilities.

TOP 10 SECTORS
Software
14.40% 15.97%
Pharmaceuticals
Consumer Non Durables
13.67%
4.24% Banks
4.43% Auto
5.16% Petroleum Products
5.43%
Retailing
Telecom - Services
6.02%
Finance
6.22% 11.73%
10.58%
Pesticides
Others

Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
18
 Index Fund

L&T NIFTY 50 INDEX FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
The scheme will adopt a passive investment strategy. The scheme will invest in stocks comprising the Nifty 50 index in the same proportion as in the index with the
objective of achieving returns equivalent to the Total Returns Index of Nifty 50 index by minimizing the performance difference between the benchmark index and the
scheme. The Total Returns Index is an index that reflects the returns on the index from index gain/ loss plus dividend payments by the constituent stocks. There is no
assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Low cost: The fund doesn’t require a Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
` high level of active management and the Industry Assets Industry Assets
stock selection is automatic hence it is
cost-effective EQUITY & EQUITY RELATED Telecom - Services
 Bharti Airtel Limited 3.08%
Listed/Awaiting Listing on the Stock Exchanges
Banks Construction Project
No Active Risk: As the fund manager is  HDFC Bank Limited
Larsen & Toubro Limited 2.87%
not taking active calls to generate alpha, 10.26%
 ICICI Bank Limited 5.35% Cement
the fund doesn’t carry any active risk UltraTech Cement Limited 1.12%
 Kotak Mahindra Bank Limited 4.08%
Axis Bank Limited 2.16% Shree Cements Limited 0.69%
State Bank of India 1.54% Grasim Industries Limited 0.58%
Broad Diversification - Exposure to the Power
broader market and get to know where IndusInd Bank Limited 0.59%
Software NTPC Limited 1.18%
the fund is investing
 Infosys Limited 6.30% Power Grid Corporation of India 1.01%
Limited
 Tata Consultancy Services Limited 5.16%
Ferrous Metals
Low Portfolio Turnover - Portfolio HCL Technologies Limited 1.49%
Tata Steel Limited 0.55%
turnover is quite low since portfolio Tech Mahindra Limited 0.82%
rebalancing happens with Index JSW Steel Limited 0.47%
Wipro Limited 0.79%
rebalancing only Consumer Durables
Petroleum Products
Titan Company Limited 0.92%
 Reliance Industries Limited 11.79%
Non - Ferrous Metals
Bharat Petroleum Corporation
Date of Inception 0.68% Hindalco Industries Limited 0.50%
Limited
Indian Oil Corporation Limited 0.53% Vedanta Limited 0.42%
Regular Plan April 15, 2020 Consumer Non Durables Oil
Direct Plan April 15, 2020  ITC Limited 4.29% Oil & Natural Gas Corporation Limited 0.76%
 Hindustan Unilever Limited 3.66% Minerals/Mining
Asian Paints Limited 1.89% Coal India Limited 0.74%
Portfolio Turnover Nestle India Limited 1.57% Transportation
Britannia Industries Limited 0.99% Adani Ports and Special Economic 0.62%
0.0000 times Zone Limited
Finance
Pesticides
Housing Development Finance
 7.14% UPL Limited 0.56%
Corporation Limited
Fund Manager Telecom - Equipment & Accessories
Bajaj Finance Limited 1.29%
Bajaj Finserv Limited 0.67% Bharti Infratel Limited 0.49%
Mr. Praveen Ayathan Auto Gas
Maruti Suzuki India Limited 1.86% GAIL India Limited 0.43%
Mahindra & Mahindra Limited 1.04% Media & Entertainment
Bajaj Auto Limited 0.88% Zee Entertainment Enterprises
Benchmark 0.42%
Limited
Hero MotoCorp Limited 0.76%
Total 99.27%
Nifty 50 Index TRI Eicher Motors Limited 0.57%
OTHERS
Tata Motors Limited 0.39%
(a) Tri Party Repo Dealing
Pharmaceuticals 0.92%
System (TREPS)
Month end AUM Sun Pharmaceutical Industries 1.27% (b) Net Receivables/(Payables) -0.19%
Limited
Net Assets 100.00%
28.64 (` In Crs) Dr. Reddy's Laboratories Limited 1.23%
Total number of holdings 50
Cipla Limited 0.82%
Indicates top ten instruments
Monthly Average AUM

26.64 (` In Crs)

Options

Growth and Dividend.

The Dividend option offers Payout or
Reinvestment facilities.

TOP 10 SECTORS
Banks
9.07% 23.98%
Software
2.39%
2.87% Petroleum Products
3.08% Consumer Non Durables
3.32%
5.50% Finance
Auto
9.10% Pharmaceuticals
Telecom - Services
14.56%
Construction Project
12.40%
13.00% Cement
Others
Exit Load:If the units redeemed or switched out are up to 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil
For details of the performance of the schemes, please refer page nos 43 to 46.

19
 Index Fund

L&T NIFTY NEXT 50 INDEX FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
The scheme will adopt a passive investment strategy. The scheme will invest in stocks comprising the Nifty Next 50 index in the same proportion as in the index with
the objective of achieving returns equivalent to the Total Returns Index of Nifty Next 50 index by minimizing the performance difference between the benchmark index
and the scheme. The Total Returns Index is an index that reflects the returns on the index from index gain/ loss plus dividend payments by the constituent stocks. There
is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Low cost: The fund doesn’t require a Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
` high level of active management and the Industry Assets Industry Assets
stock selection is automatic hence it is
cost-effective EQUITY & EQUITY RELATED Auto Ancillaries
Listed/Awaiting Listing on the Stock Exchanges Motherson Sumi Systems Limited 1.75%
Finance Bosch Limited 1.26%
No Active Risk: As the fund manager is Transportation
not taking active calls to generate alpha, HDFC Life Insurance Company
 4.69% Container Corporation of India
the fund doesn’t carry any active risk Limited 1.58%
 SBI Life Insurance Company Limited 4.36% Limited
ICICI Lombard General Insurance InterGlobe Aviation Limited 1.42%
 3.98% Gas
Company Limited
Broad Diversification - Exposure to the Petronet LNG Limited 2.90%
broader market and get to know where ICICI Prudential Life Insurance 2.16%
Company Limited Banks
the fund is investing Bandhan Bank Limited 1.40%
Piramal Enterprises Limited 1.77%
HDFC Asset Management Company Bank of Baroda 0.72%
1.64% Punjab National Bank 0.47%
Limited
Low Portfolio Turnover - Portfolio Petroleum Products
turnover is quite low since portfolio Bajaj Holdings & Investment Limited 1.56%
rebalancing happens with Index Shriram Transport Finance Company Hindustan Petroleum Corporation
1.47% 2.23%
rebalancing only Limited Limited
Power Finance Corporation Limited 1.34% Consumer Durables
Indiabulls Housing Finance Limited 0.62% Havells India Limited 1.90%
General Insurance Corporation of Textile Products
Date of Inception 0.52%
India Page Industries Limited 1.62%
Regular Plan April 15, 2020 L&T Finance Holdings Limited 0.52% Industrial Capital Goods
The New India Assurance Company Siemens Limited 1.48%
Direct Plan April 15, 2020 0.46%
Limited Construction
Consumer Non Durables DLF Limited 1.43%
 Dabur India Limited 4.04% Power
Portfolio Turnover
 Godrej Consumer Products Limited 3.67% Adani Transmission Limited 0.73%
0.0000 times Colgate Palmolive (India) Limited 2.84% NHPC Limited 0.69%
Marico Limited 2.72% Minerals/Mining
United Spirits Limited 2.71% NMDC Limited 1.07%
Fund Manager Berger Paints India Limited 1.83% Auto
United Breweries Limited 1.62% Ashok Leyland Limited 0.94%
Procter & Gamble Hygiene and Software
Mr. Praveen Ayathan 1.40%
Health Care Limited Oracle Financial Services Software
Pharmaceuticals 0.88%
Limited
 Divi's Laboratories Limited 4.66% Telecom - Services
Benchmark  Aurobindo Pharma Limited 3.21% Vodafone Idea Limited 0.72%
 Lupin Limited 3.20% Non - Ferrous Metals
Nifty Next 50 Index TRI Biocon Limited 2.41% Hindustan Zinc Limited 0.67%
Cadila Healthcare Limited 1.35% Total 99.00%
Retailing
Month end AUM  Avenue Supermarts Limited
OTHERS
5.17% (a) Tri Party Repo Dealing System
Cement 0.73%
15.46 (` In Crs) (TREPS)
Ambuja Cements Limited 2.16% (b) Net Receivables/(Payables) 0.27%
ACC Limited 1.64% Net Assets 100.00%
Monthly Average AUM Chemicals Total number of holdings 50
 Pidilite Industries Limited 3.42% Indicates top ten instruments
14.73 (` In Crs)

Options

Growth and Dividend.

The Dividend option offers Dividend Payout and
Dividend Reinvestment facilities.

TOP 10 SECTORS
Finance
14.36% 25.09% Consumer Non Durables
Pharmaceuticals
2.59% Retailing
2.90%
3.00% Cement
3.01% Chemicals
3.42%
Auto Ancillaries
3.80%
Transportation
20.83%
5.17% Gas
14.83%
Banks
Others

Exit Load:If the units redeemed or switched out are up to 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil
For details of the performance of the schemes, please refer page nos 43 to 46.
20
 Dynamic Asset Allocation Fund
L&T BALANCED ADVANTAGE FUND (Formerly
known as L&T Dynamic Equity Fund)^
Data as on May 29, 2020

INVESTMENT OBJECTIVE
To seek to generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and to generate reasonable returns by investing in a
portfolio of debt and money market instruments and arbitrage opportunities in the cash and derivatives segments of the equity markets. There is no assurance that the
investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

A product that follows basic principle of Name of Instrument % to Net % to Net % to Net Name of Instrument % to Net % to Net % to Net
investing - buy low, sell high Assets Assets Assets Assets Assets Assets
(hedged) (unhedged) (hedged) (unhedged)
EQUITY & EQUITY RELATED Construction Project
Larsen & Toubro Limited 2.37% - 2.37%
A tax efficient product suitable for long- Listed/Awaiting Listing on the Stock Exchanges
H.G Infra Engineering
term goal-based investing Finance Limited 0.55% - 0.55%
HDFC Life Insurance

Company Limited 4.32% - 4.32% Retailing
ICICI Lombard General Avenue Supermarts
 2.81% - 2.81%
 Insurance Company 2.70% - 2.70% Limited
Portfolio actively managed to deliver
alpha through stock selection Limited Cement
HDFC Asset Management 2.16% Shree Cements Limited 2.05% - 2.05%
- 2.16% ACC Limited 0.75% - 0.75%
Company Limited
SBI Life Insurance 1.71% - 1.71% Gas
Aims to limit downside by dynamically Company Limited Mahanagar Gas Limited 1.94% - 1.94%
changing equity allocation based on SBI Cards and Payment Ferrous Metals
market valuations 1.27% - 1.27%
Services Limited Tata Steel Limited 1.52% - 1.52%
Cholamandalam Auto Ancillaries
Investment and Finance 0.40% - 0.40% MRF Limited 0.48% - 0.48%
Company Limited Paper
Banks Emami Paper Limited 0.15% - 0.15%
Date of Inception  HDFC Bank Limited 5.17% - 5.17% Transportation
Kotak Mahindra Bank Adani Ports and Special
Regular Plan February 07, 2011
 3.89% - 3.89% 0.15% 0.15% -
Limited Economic Zone Limited
Direct Plan January 01, 2013 ICICI Bank Limited 2.61% - 2.61% Total 76.00% 0.66% 75.34%
Pharmaceuticals Name of Instrument Rating % to Net
Torrent Pharmaceuticals Industry Assets
Portfolio Turnover
 3.33% - 3.33%
Limited DEBT INSTRUMENTS
Sun Pharmaceutical 2.41% - 2.41% Fixed Rates Bonds - Corporate
4.2815 times Industries Limited Listed / Awaiting listing on Stock Exchanges
Cipla Limited 2.16% - 2.16% Export Import Bank of India CRISIL AAA 4.49%
Dr. Reddy's Laboratories National Highways Authority
Fund Manager 2.09% - 2.09% CRISIL AAA 4.13%
Limited of India
Mr. Vihang Naik, Mr. Venugopal Manghat (w.e.f. Alkem Laboratories Rec Limited CRISIL AAA 3.18%
1.34% - 1.34%
Limited
Dec 17, 2019), Mr. Praveen Ayathan & Mr. Jalpan National Bank for Agriculture &
Consumer Non Durables CRISIL AAA 2.47%
Rural Development
Shah (investments in debt and debt related Hindustan Unilever Limited 2.33% - 2.33%
ITC Limited 2.27% - 2.27% Total 14.27%
instruments) (w.e.f. May 30, 2016)
Zydus Wellness Limited 1.80% - 1.80% OTHERS
Dabur India Limited 0.96% - 0.96% Deposits (placed as margins)
Benchmark (a) Fixed Deposits
Asian Paints Limited 0.83% - 0.83%
HDFC Bank Limited 5.38%
50% - S&P BSE-200 TRI Index and 50% Software ICICI Bank Limited 0.79%
CRISIL Short Term Bond Fund Index  Infosys Limited 4.39% 0.51% 3.88%
Tata Consultancy Services 1.91% Total 6.17%
- 1.91%
Month end AUM Limited (b) Margin as Cash Margin 0.01%
MphasiS Limited 1.08% - 1.08% (c) Tri Party Repo Dealing System (TREPS) 1.94%
Auto (d) Net Receivables/(Payables) 1.61%
630.54 (` In Crs)
Maruti Suzuki India Net Assets 100.00%
 3.07% - 3.07% Total number of holdings 37
Limited
Monthly Average AUM Hero MotoCorp Limited 1.24% - 1.24% Indicates top ten instruments
Petroleum Products All corporate ratings are assigned by rating agencies like
618.54 (` In Crs)  Reliance Industries Limited 4.27% - 4.27% CRISIL; CARE; ICRA; IND.
Reliance Industries Limited 0.04% Total outstanding position (as at May, 2020) in Derivative
- 0.04%
- Rights Instruments (Gross Notional) 417.75 lakhs
Options Telecom - Services Total percentage of existing assets hedged through futures is
 Bharti Airtel Limited 3.48% - 3.48% 0.66 %
Growth and Dividend.
The Dividend option offers Payout and
Reinvestment facilities.

TOP 10 SECTORS Finance

7.04% 12.56%
Banks
2.81% Pharmaceuticals
2.92% 11.67% Consumer Non Durables
3.48% Software
4.31% Auto
4.31% Petroleum Products
Telecom - Services
7.38% Construction Project
Retailing
11.33%
8.19% Others
Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
^The name of the Scheme is changed to L&T Balanced Advantage Fund from L&T Dynamic Equity Fund with effect from August 01, 2019 (‘effective date’). Also, note that there has been changes in the fundamental
attributes of the Scheme applicable from the effective date. For further information please refer the Notice cum Addendum dated June 24, 2019.
21
Aggressive Hybrid Fund

L&T HYBRID EQUITY FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To seek to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related securities and to generate reasonable returns
through a portfolio of debt and money market instruments. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

A Fund that allocates assets across Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net
equities and Debt Industry Assets Industry Assets
EQUITY & EQUITY RELATED Hindustan Petroleum Corporation Limited CRISIL AAA 0.93%
• Invests 65-75% in equity (shares) Listed/Awaiting Listing on the Stock Exchanges Housing Development Finance Corporation
and equity related instruments Banks CRISIL AAA 0.92%
Limited
 HDFC Bank Limited 6.47% National Bank for Agriculture & Rural
• 25-35% allocation to debt (bonds)  ICICI Bank Limited 4.70% Development
CRISIL AAA 0.91%
and money market instruments  Kotak Mahindra Bank Limited 4.46% Indian Oil Corporation Limited CRISIL AAA 0.91%
Pharmaceuticals Reliance Industries Limited CRISIL AAA 0.90%
 Divi's Laboratories Limited 2.41%
IPCA Laboratories Limited 2.38% IndusInd Bank Limited CRISIL AA 0.77%
Sun Pharmaceutical Industries Limited 2.04% Sikka Ports & Terminals Limited (erstwhile
CRISIL AAA 0.66%
Abbott India Limited 1.36% Reliance Ports & Terminals Ltd)
Equity investments well diversified Indian Railway Finance Corporation Limited CRISIL AAA 0.49%
Torrent Pharmaceuticals Limited 1.04%
across sectors and market capitalization Cipla Limited 0.74% National Highways Authority of India CRISIL AAA 0.48%
segments Consumer Non Durables State Bank Of India CRISIL AAA 0.47%
 Hindustan Unilever Limited 2.96% Housing Development Finance Corporation
CRISIL AAA 0.46%
Colgate Palmolive (India) Limited 1.62% Limited
Dabur India Limited 1.20% Power Finance Corporation Limited CRISIL AAA 0.45%
Emami Limited 0.80% NHPC Limited CARE AAA 0.45%
Relatively conservative approach in Tata Consumer Products Limited 0.78% Rec Limited CRISIL AAA 0.44%
managing debt component to provide Asian Paints Limited 0.42% National Bank for Agriculture & Rural
Varun Beverages Limited 0.25% CRISIL AAA 0.39%
stability to the portfolio Development
Software National Bank for Agriculture & Rural
 Infosys Limited 3.36% CRISIL AAA 0.38%
Development
 Tata Consultancy Services Limited 2.44% Small Industries Development Bank of India CARE AAA 0.37%
HCL Technologies Limited 1.76% NTPC Limited CRISIL AAA 0.33%
Finance Bharat Petroleum Corporation Limited CRISIL AAA 0.28%
Housing Development Finance Corporation National Bank for Agriculture & Rural
2.04% CRISIL AAA 0.26%
Limited Development
SBI Life Insurance Company Limited 1.90% State Bank Of India CRISIL AA+ 0.21%
Date of Inception ICICI Securities Limited 0.96% National Housing Bank CRISIL AAA 0.20%
ICICI Prudential Life Insurance Company Limited 0.84% HDFC Bank Limited CRISIL AAA 0.20%
ICICI Lombard General Insurance Company Limited 0.53% Power Finance Corporation Limited CRISIL AAA 0.18%
Manappuram Finance Limited 0.47%
Regular Plan February 07, 2011 SBI Cards and Payment Services Limited 0.33% Rec Limited CRISIL AAA 0.18%
Telecom - Services Export Import Bank of India CRISIL AAA 0.11%
Direct Plan January 01, 2013  Bharti Airtel Limited 5.67% Power Grid Corporation of India Limited CRISIL AAA 0.10%
Petroleum Products Indian Railway Finance Corporation Limited CRISIL AAA 0.10%
 Reliance Industries Limited 5.32% Power Grid Corporation of India Limited CRISIL AAA 0.10%
Reliance Industries Limited - Rights 0.05% Export Import Bank of India CRISIL AAA 0.09%
Portfolio Turnover Cement Rec Limited CRISIL AAA 0.09%
The Ramco Cements Limited 1.75% Indian Railway Finance Corporation Limited CRISIL AAA 0.07%
Shree Cements Limited 1.13% Indian Railway Finance Corporation Limited CARE AAA 0.06%
0.6093 times UltraTech Cement Limited 0.97% National Bank for Agriculture & Rural
CRISIL AAA 0.05%
Construction Project Development
 Larsen & Toubro Limited 2.64% Housing and Urban Development
Techno Electric & Engineering Company Limited 0.26% CARE AAA 0.05%
Corporation Limited
Fund Manager Engineers India Limited 0.25% National Bank for Agriculture & Rural
CRISIL AAA 0.05%
Retailing Development
Trent Limited 1.84% NTPC Limited CRISIL AAA 0.05%
Mr. Venugopal Manghat & Mr. Vihang Naik Future Retail Limited 0.42% Power Finance Corporation Limited CRISIL AAA 0.05%
Avenue Supermarts Limited 0.30%
(w.e.f. Dec 17, 2019), Mr. Shriram Ramanathan Industrial Products
National Bank for Agriculture & Rural
CRISIL AAA 0.04%
Supreme Industries Limited 1.41% Development
(investments in debt and debt related Polycab India Limited 0.12% Small Industries Development Bank of India CARE AAA 0.04%
Ferrous Metals Nuclear Power Corporation Of India Limited CRISIL AAA 0.03%
instruments) (w.e.f. May 30, 2016) Jindal Steel & Power Limited 0.53% Housing and Urban Development
CARE AAA 0.02%
Tata Steel Limited 0.52% Corporation Limited
Chemicals Indian Railway Finance Corporation Limited CRISIL AAA 0.02%
Benchmark Atul Limited 0.68% Power Grid Corporation of India Limited CRISIL AAA 0.01%
Textile Products Total 15.67%
K.P.R. Mill Limited 0.49% Unlisted
CRISIL Hybrid 35+65 - Aggressive Index Dollar Industries Limited 0.09% Tata Sons Limited CRISIL AAA 0.18%
Auto Total 0.18%
Maruti Suzuki India Limited 0.54% GOVERNMENT SECURITIES
Pesticides Fixed Rates Bonds - Government
PI Industries Limited 0.31% 06.45% GOI 7-OCT-2029 SOVEREIGN 1.75%
Month end AUM Sharda Cropchem Limited 0.22% 07.32% GOI 28-JAN-2024 SOVEREIGN 1.43%
Gas 07.27% GOI 08-APR-2026 SOVEREIGN 0.96%
Mahanagar Gas Limited 0.53% 07.26% GOI 14-JAN-2029 SOVEREIGN 0.95%
5,642.14 (` In Crs) Auto Ancillaries 07.17% GOI 08-JAN-2028 SOVEREIGN 0.95%
Amara Raja Batteries Limited 0.51% 05.79% GOI 11-MAY-2030 SOVEREIGN 0.44%
Fertilisers 08.12% GOI 10-DEC-2020 SOVEREIGN 0.05%
Coromandel International Limited 0.39% 07.68% GOI 15-DEC-2023 SOVEREIGN ^
Monthly Average AUM Industrial Capital Goods Total 6.53%
Apar Industries Limited 0.24% Deposits
Construction (a) Fixed Deposits ( placed as margin)
5,567.54 (` In Crs) Somany Ceramics Limited 0.07% HDFC Bank Limited 0.18%
Total 75.51% Total 0.18%
MONEY MARKET INSTRUMENT Others
Certificate of Deposit/Commercial Paper (c) Tri Party Repo Dealing System (TREPS) 0.73%
Small Industries Development Bank of India CARE A1+ 0.26% (d) Net Receivables/(Payables) 0.94%
Volatility Measures* Total 0.26% Net Assets 100.00%
DEBT INSTRUMENTS Total number of holdings 53
Standard Deviation 15.51% Fixed Rates Bonds - Corporate Indicates top ten instruments
Listed / Awaiting listing on Stock Exchanges
HDFC Bank Limited CRISIL AA+ 1.35% ^ Indicates less than 0.01%
R-Squared 0.97 State Bank Of India CRISIL AA+ 0.97% All corporate ratings are assigned by rating agencies like CRISIL; CARE;
ICRA; IND ,BWR.
Beta 1.13
Sharpe Ratio# -0.31 TOP 10 SECTORS
Banks
*Source: ICRA MFIE 6.65% 15.63%
#Risk free rate assumed to be 3.21% (based on Pharmaceuticals
2.56%
3-months Mibor NSE rate during last 3 months) Consumer Non Durables
3.15%
3.85% Software
9.97%
Options Finance
5.37%
Telecom - Services
• Growth
• Dividend Option (Reinvestment and Payout)
5.67% Petroleum Products
• Annual Dividend Option (Reinvestment and Cement
Payout) 8.03% Construction Project
7.07%
7.56% Retailing
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
22
 Hybrid Arbitrage Fund

L&T ARBITRAGE OPPORTUNITIES FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To seek to generate reasonable returns by predominantly investing in arbitrage opportunities in the cash and derivatives segments of the equity markets and by investing
balance in debt and money market instruments. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Aims to generate returns through fully Name of Instrument % to Net % to Net Name of Instrument % to Net % to Net
hedged exposure to equities Assets Assets Assets Assets
(hedged) (hedged)
EQUITY & EQUITY RELATED Titan Company Limited 0.42% 0.42%
Listed/Awaiting Listing on the Stock Exchanges Voltas Limited 0.16% 0.16%
Banks Cement
 ICICI Bank Limited 6.62% 6.62% Ambuja Cements Limited 0.54% 0.54%
Tax efficient, as tax treatment is similar to The Federal Bank Limited 1.70% 1.70% Grasim Industries Limited 0.41% 0.41%
equity funds Axis Bank Limited 0.93% 0.93% ACC Limited 0.26% 0.26%
Canara Bank 0.85% 0.85% Shree Cements Limited 0.05% 0.05%
IDFC First Bank Limited 0.59% 0.59% UltraTech Cement Limited 0.01% 0.01%
IndusInd Bank Limited 0.39% 0.39% Industrial Products
Punjab National Bank 0.37% 0.37% SRF Limited 1.11% 1.11%
Bank of Baroda 0.20% 0.20% Bharat Forge Limited 0.12% 0.12%
Focus on generating ‘Market-Neutral’ State Bank of India 0.10% 0.10% Cummins India Limited - -
returns RBL Bank Limited 0.01% 0.01% Industrial Capital Goods
Finance Bharat Heavy Electricals Limited 0.72% 0.72%
Housing Development Finance Corporation Siemens Limited 0.31% 0.31%
 3.25% 3.25%
Limited Bharat Electronics Limited 0.08% 0.08%
Date of Inception  Power Finance Corporation Limited 2.14% 2.14% Auto Ancillaries
Mahindra & Mahindra Financial Services Exide Industries Limited 0.86% 0.86%
1.40% 1.40%
Limited Amara Raja Batteries Limited 0.06% 0.06%
Regular Plan June 30, 2014 Manappuram Finance Limited 1.28% 1.28% MRF Limited 0.03% 0.03%
Direct Plan June 30, 2014 Rec Limited 1.17% 1.17% Bosch Limited 0.02% 0.02%
Cholamandalam Investment and Finance Petroleum Products
0.32% 0.32%
Company Limited Bharat Petroleum Corporation Limited 0.55% 0.55%
HDFC Life Insurance Company Limited 0.24% 0.24% Reliance Industries Limited 0.27% 0.27%
Portfolio Turnover SBI Life Insurance Company Limited 0.14% 0.14% Hindustan Petroleum Corporation Limited 0.11% 0.11%
Muthoot Finance Limited 0.12% 0.12% Power
Max Financial Services Limited 0.02% 0.02% NTPC Limited 0.78% 0.78%
19.3658 times ICICI Prudential Life Insurance Company
0.01% 0.01% Power Grid Corporation of India Limited 0.01% 0.01%
Limited Construction Project
Consumer Non Durables
 Hindustan Unilever Limited 6.90% 6.90% NCC Limited 0.33% 0.33%
Fund Manager Colgate Palmolive (India) Limited 1.24% 1.24% Larsen & Toubro Limited 0.18% 0.18%
Godrej Consumer Products Limited 0.21% 0.21% Construction
Mr. Venugopal Manghat, Mr. Praveen Ayathan & Dabur India Limited 0.21% 0.21% DLF Limited 0.40% 0.40%
United Breweries Limited 0.09% 0.09% Godrej Properties Limited 0.03% 0.03%
Mr. Jalpan Shah (w.e.f January 24, 2019 for Debt Paper
Berger Paints India Limited 0.03% 0.03%
Portion) United Spirits Limited 0.02% 0.02% Century Textiles & Industries Limited 0.42% 0.42%
Nestle India Limited 0.02% 0.02% Ferrous Metals
Pharmaceuticals JSW Steel Limited 0.28% 0.28%
Benchmark  Dr. Reddy's Laboratories Limited 2.68% 2.68% Jindal Steel & Power Limited 0.03% 0.03%
Cipla Limited 1.01% 1.01% Gas
Divi's Laboratories Limited 0.98% 0.98% Mahanagar Gas Limited 0.15% 0.15%
Nifty 50 Arbitrage Index Lupin Limited 0.77% 0.77% Petronet LNG Limited 0.12% 0.12%
Sun Pharmaceutical Industries Limited 0.62% 0.62% GAIL India Limited 0.01% 0.01%
Cadila Healthcare Limited 0.37% 0.37% Media & Entertainment
Biocon Limited 0.14% 0.14% Sun TV Network Limited 0.11% 0.11%
Month end AUM Chemicals
Glenmark Pharmaceuticals Limited 0.10% 0.10%
Non - Ferrous Metals Pidilite Industries Limited 0.07% 0.07%
763.44 (` In Crs)  Vedanta Limited 4.61% 4.61% Trading
Hindalco Industries Limited 0.36% 0.36% Adani Enterprises Limited 0.07% 0.07%
National Aluminium Company Limited 0.18% 0.18% Pesticides
Telecom - Services UPL Limited 0.03% 0.03%
Monthly Average AUM  Bharti Airtel Limited 4.23% 4.23% Total 68.35% 68.35%
Software OTHERS
 Infosys Limited 1.88% 1.88% Deposits (placed as margins)
692.05 (` In Crs) (a) Fixed Deposits
Wipro Limited 1.04% 1.04%
Tech Mahindra Limited 0.53% 0.53% HDFC Bank Limited 11.91%
HCL Technologies Limited 0.31% 0.31% ICICI Bank Limited 10.40%
Options Just dial Limited 0.02% 0.02% Total 22.31%
Tata Consultancy Services Limited 0.01% 0.01% (b) Margin as Cash Margin -1.05%
•Growth Minerals/Mining (c) Tri Party Repo Dealing System (TREPS) 9.30%
 NMDC Limited 2.12% 2.12% (d) Net Receivables/(Payables) 1.09%
•Dividend Option Coal India Limited 1.43% 1.43% Net Assets 100.00%
1. Monthly Dividend (Payout and Re-investment) Auto Total number of holdings 92
 Tata Motors Limited 1.86% 1.86% Indicates top ten instruments
2. Quarterly Dividend (Payout and Re-investment) Bajaj Auto Limited 0.19% 0.19% All corporate ratings are assigned by rating agencies like CRISIL;
Mahindra & Mahindra Limited 0.07% 0.07%
Eicher Motors Limited 0.04% 0.04% CARE; ICRA; IND,BWR.
Transportation Total outstanding position (as at May 2020) in Derivative Instruments
Adani Ports and Special Economic Zone (Gross Notional) 51,788.98 lakhs
1.75% 1.75%
Limited Total percentage of existing assets hedged through futures is
Container Corporation of India Limited 0.13% 0.13%
Consumer Durables 68.35%
Havells India Limited 1.24% 1.24%

TOP 10 SECTORS
Banks
10.35% 11.76%
Finance
Consumer Non Durables
10.09%
1.88% Pharmaceuticals
2.16%
Non - Ferrous Metals
3.55%
Telecom - Services
3.79% Software
4.23% Minerals/Mining
5.15%
8.72% Auto
6.67%
Transportation
Others
~For investments in foreign securities - Mr. Alok Ranjan (w.e.f Oct 1, 2019)
Exit Load:For redemption on or before 1 month from the date of allotment or Purchase applying First in First out basis - 0.50% of Applicable NAV. After 1 month from the date of allotment or Purchase applying
First in First out basis NIL.
For details of the performance of the schemes, please refer page nos 43 to 46.
23
Equity Savings Fund

L&T EQUITY SAVINGS FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate regular income by predominantly investing in arbitrage opportunities in the cash and derivatives segments of the equity markets and debt and money market
instruments and to generate long-term capital appreciation through unhedged exposure to equity and equity related instruments. There is no assurance that the invest-
ment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

A Fund that allocates assets across Name of Instrument % to Net % to Net % to Net Name of Instrument % to Net % to Net % to Net
equities and debt Assets Assets Assets Assets Assets Assets
(hedged) (unhedged) (hedged) (unhedged)
• Gross investment in equity (shares)
EQUITY & EQUITY RELATED Indian Hume Pipe Company
is 65%. Of this net equity levels are Listed/Awaiting Listing on the Stock Exchanges Limited
0.27% - 0.27%
maintained between 15-45% Software Sadbhav Engineering Limited 0.04% - 0.04%
 Infosys Limited 5.68% 2.66% 3.02% Telecom - Services
• 10-35% allocation to debt (bonds) HCL Technologies Limited 1.29% - 1.29% Bharti Airtel Limited 1.27% - 1.27%
and money market instruments Tata Consultancy Services Limited 0.84% - 0.84% Hotels, Resorts And Other Recreational Activities
Persistent Systems Limited 0.71% - 0.71% Taj GVK Hotels & Resorts Limited 0.85% - 0.85%
Tech Mahindra Limited 0.70% 0.16% 0.54% The Indian Hotels Company
Aims to limit downside while generating Wipro Limited 0.34% 0.34% - Limited
0.40% - 0.40%
returns through arbitrage investments Finance Auto Ancillaries
Cholamandalam Investment and MRF Limited 1.09% - 1.09%
0.76% - 0.76%
Finance Company Limited Fertilisers
Aims to minimize portfolio risk by 
Housing Development Finance
3.29% 2.71% 0.58% Coromandel International Limited 0.99% - 0.99%
investing in quality companies, Corporation Limited Power -
Cholamandalam Financial NTPC Limited 0.87% 0.87% 0.00%
monitoring corporate fundamentals Holdings Limited
0.43% - 0.43%
Ferrous Metals
closely SBI Cards and Payment Services Jindal Steel & Power Limited 0.39% - 0.39%
0.02% - 0.02%
Limited Tata Steel Limited 0.35% - 0.35%
 Manappuram Finance Limited 1.76% 1.76% - Minerals/Mining
A tax efficient product suitable for long- Banks Coal India Limited 0.56% 0.56% 0.00%
term investing  HDFC Bank Limited 2.83% - 2.83% Retailing
 ICICI Bank Limited 2.01% - 2.01% Future Retail Limited 0.34% - 0.34%
State Bank of India 0.83% - 0.83% Future Lifestyle Fashions Limited 0.19% - 0.19%
Axis Bank Limited 0.39% - 0.39% Industrial Capital Goods
Date of Inception Non - Ferrous Metals Bharat Electronics Limited 0.31% - 0.31%
 Vedanta Limited 5.06% 4.66% 0.40% BEML Limited 0.21% - 0.21%
Hindalco Industries Limited 0.24% 0.24% - Gas
Regular Plan October 18, 2011 Consumer Non Durables GAIL India Limited 0.44% - 0.44%
Direct Plan January 01, 2013  Hindustan Unilever Limited 1.97% 0.99% 0.98% Industrial Products
Asian Paints Limited 0.97% - 0.97% Finolex Cables Limited 0.28% - 0.28%
ITC Limited 0.71% - 0.71% Textile Products
Tata Consumer Products Limited 0.64% - 0.64% K.P.R. Mill Limited 0.19% - 0.19%
Portfolio Turnover Avanti Feeds Limited 0.35% - 0.35% Dollar Industries Limited 0.07% - 0.07%
Emami Limited 0.32% - 0.32% Paper
Pharmaceuticals Tamil Nadu Newsprint & Papers
3.9303 times Cipla Limited 1.73% - 1.73% Limited
0.25% - 0.25%
Divi's Laboratories Limited 1.24% - 1.24% Oil
Sun Pharmaceutical Industries Oil & Natural Gas Corporation
0.73% - 0.73% 0.21% 0.21% -
Fund Manager Limited Limited
IPCA Laboratories Limited 0.64% - 0.64% Total 66.70% 22.40% 44.30%
Mr. Venugopal Manghat & Mr. Vihang Naik Lupin Limited 0.39% - 0.39% Name of Instrument Rating % to Net
Construction
(w.e.f. Dec 17, 2019), Mr. Praveen Ayathan & Oberoi Realty Limited 0.64% - 0.64% Industry Assets
KNR Constructions Limited 0.56% - 0.56% PREFERENCE SHARES
Mr. Jalpan Shah (Debt portion) Sobha Limited 0.47% - 0.47% Listed / Awaiting listing on Stock Exchanges
Prestige Estates Projects Limited 0.47% - 0.47% Media & Entertainment
(w.e.f. May 30, 2016) Ahluwalia Contracts India Limited 0.33% - 0.33% Zee Entertainment Enterprises Limited 0.01%
DLF Limited 1.66% 1.66% - Total 0.01%
Cement BONDS & NCDs
Benchmark  Shree Cements Limited 1.87% - 1.87% Listed / awaiting listing on the stock exchanges
Ambuja Cements Limited 1.11% - 1.11% Amba River Coke Limited (Subsidiary
CARE AA- 2.31%
NIFTY Equity Savings Index The Ramco Cements Limited 0.66% - 0.66% of JSW Steel Ltd)
Grasim Industries Limited 0.22% 0.22% - Total 2.31%
Transportation Zero Coupon Bonds - Corporate
Adani Ports and Special Economic Listed / awaiting listing on the stock exchanges
Month end AUM  2.40% 2.40% -
Zone Limited Aditya Birla Housing Finance Limited ICRA AAA 1.01%
Container Corporation of India Total 1.01%
1.23% 1.23% -
Limited OTHERS
81.09 (` In Crs) Chemicals Deposits (placed as margins)
Navin Fluorine International (a) Fixed Deposits
1.65% - 1.65%
Limited HDFC Bank Limited 12.28%
Monthly Average AUM Pidilite Industries Limited 1.18% 1.18% - Total 12.28%
Auto (b) Margin as Cash Margin -0.29%
Maruti Suzuki India Limited 0.99% - 0.99% (c) Tri Party Repo Dealing System (TREPS) 16.05%
80.57 (` In Crs) Hero MotoCorp Limited 0.73% - 0.73% (d) Net Receivables/(Payables) 1.93%
V.S.T Tillers Tractors Limited 0.38% - 0.38% Net Assets 100.00%
Tata Motors Limited 0.55% 0.55% - Total number of holdings 72
Petroleum Products Indicates top ten instruments
Options  Reliance Industries Limited 1.79% - 1.79% All corporate ratings are assigned by rating agencies like CRISIL; CARE;
Reliance Industries Limited - Rights 0.02% - 0.02% ICRA; IND, BWR.
•Growth Construction Project Total outstanding position (as at May, 2020) in Derivative Instruments
•Dividend: Larsen & Toubro Limited 0.74% - 0.74% (Gross Notional) 1,802.20 lakhs
Engineers India Limited 0.61% - 0.61%
1. Monthly Dividend (Reinvestment and Payout) Total percentage of existing assets hedged through futures is 22.40%
2. Quarterly Dividend (Reinvestment and Payout)
TOP 10 SECTORS
Software
15.39% 9.56%
Finance
Banks
6.26%
Non - Ferrous Metals
Consumer Non Durables
2.83% Pharmaceuticals
3.63%
6.06% Construction
3.86%
Cement
5.30%
4.13%
Transportation
4.96%
4.73%
Chemicals
Others

Exit Load:If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above
the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.
24
Data as on May 29, 2020

Reach for
potential growth
with lower risk.

Invest in L&T BANKING & PSU DEBT FUND.

Focused on maintaining high Aims to generate significant

quality portfolio, with securities proportion of returns from
that offer potentially better accrual of income yield
risk-adjusted returns

Fund follows a Indexation benefit for Investors

roll-down strategy over 3 year horizon

call 1800 2000 400

www.ltfs.com

Follow us on

L&T Banking and PSU Debt Fund (An open ended debt scheme
primarily investing in debt instruments of banks, public sector
undertakings, public financial institutions and municipal bonds) Riskometer
Moderate Mo
tely d
This product is suitable for investors who are seeking* era Higerate
od Low h
M

ly

• Generation of reasonable returns and liquidity over short term

• Investment predominantly in securities issued by Banks, Public Sector
High
Low

Undertakings and Public Financial Institutions and municipal

corporations in India LOW HIGH

*Investors should consult their financial advisers if in Investors understand that their principal
doubt about whether the product is suitable for them. will be at moderate risk

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
CL07190 25
 EQUITY FUND SNAPSHOT
Data as on May 29, 2020

Name of L&T Equity L&T India Large L&T Midcap L&T Emerging L&T Large and L&T India L&T Infrastructure L&T Business L&T Tax L&T Focused L&T Balanced L&T Hybrid L&T Equity
the Fund Fund Cap Fund Fund Businesses Fund Midcap Fund Value Fund Fund Cycles Fund Advantage Fund Equity Fund Advantage Fund Equity Fund Savings Fund
Benchmark S&P BSE-500 S&P BSE 100 Nifty Midcap S&P BSE Small Cap NIFTY LargeMidcap S&P BSE 200 Nifty Infrastructure S&P BSE 200 S&P BSE 200 Nifty 500 50% - S&P BSE-200 CRISIL Hybrid 35+65 NIFTY Equity Savings
TRI Index TRI Index 100 TRI Index TRI Index 250 TRI Index TRI Index TRI Index TRI Index TRI Index TRI Index and 50% - Aggressive Index Index
CRISIL Short Term
Bond Fund Index

Fund Category Multi Cap Large Cap Mid Cap Small Cap Large and Midcap Value Sectoral Thematic ELSS Focused Dynamic Asset Aggressive Hybrid Equity Savings
Allocation Fund

Month end AUM 2,044.27 480.00 5,325.58 4,186.74 1,065.71 5,587.22 1,085.01 448.30 2,660.36 651.58 630.54 5,642.14 81.09
(Rs in Crs)

Inception Date May 16, 2005 Oct 23, 2007 Aug 09, 2004 May 12, 2014 May 22, 2006 Jan 08, 2010 Sept 27, 2007 Aug 20, 2014 Feb 27, 2006 Nov 5, 2018 Feb 07, 2011 Feb 07, 2011 Oct 18, 2011
(Regular Plan)

Growth of `1 Lac `6,73,900 `2,33,860 `11,07,000 `1,65,140 `4,03,060 `2,83,330 `1,15,300 `1,16,570 `4,42,300 `97,650 `2,43,150 `2,32,620 `1,59,990
invested at inception

Top 10 equity holding% 39.51% 50.05% 27.15% 27.74% 39.14% 44.69% 51.36% 49.68% 38.65% 53.04% 36.92%$ 40.43% 18.70%#

Portfolio at a Glance Portfolio at a Glance

3.07% 10.19% 1.71% 1.11% 1.14% 1.60% 2.45% 1.98% 2.15% 0.76% 2.17% 8.27%
Large Cap 7.48% 4.71% 11.96% 3.57% 1.64% 3.35% 11.01% 7.94%
Mid Cap
Small Cap 18.51% 32.25% 31.03% 35.12% 26.45% 45.53% 24.00% 24.49% 58.40% 22.40% 28.81%
13.69% 37.71%
20.95%
Hedged 24.09%
Cash 7.00% 15.49%
64.18% 57.30% 63.79% 26.42% 65.60% 33.30%
75.76% 87.71% 64.82% 32.71% 68.66% 74.43%

21.44% 7.22%
1.62%

Top 10 sector Pharmaceuticals 14.29% Banks 17.90% Pharmaceuticals 15.02%

Industrial 14.72%
Consumer
19.66% Banks 13.28% Cement 19.00% Banks 18.23% Pharmaceuticals 15.75% Software 15.97% Finance 12.56% Banks 15.63% Software 9.56%
Products Non Durables
Consumer Pharmaceuticals 13.14% Industrial Banks 11.67%
13.05% Finance 11.52% Pharmaceuticals 10.44% Software 13.72% Pharmaceuticals 11.03% 17.68% Cement 11.48% Banks 13.34% Pharmaceuticals 13.67% Pharmaceuticals 9.97% Finance 6.26%
Non Durables Products
Consumer Consumer Consumer Petroleum Industrial Industrial Consumer Consumer
Software 12.42% 10.51% 8.14% 7.46% Pharmaceuticals 12.82% 10.31% 15.87% 9.85% Software 11.98% 11.73% Pharmaceuticals 11.33% 8.03% Banks 6.06%
Non Durables Non Durables Non Durables Products Capital Goods Products Non Durables Non Durables
Software 10.01% Construction Consumer Consumer 8.19% Non - Ferrous
Banks 11.32% Chemicals 6.38% Chemicals 7.39% Banks 12.59% Finance 9.52% 14.07% Chemicals 7.69% 10.93% Banks 10.58% Software 7.56% 5.30%
Project Non Durables Metals
Non Durables
Finance 9.43% Auto T
Telecom - Petroleum Software Consumer
Finance 6.20% Software 5.56% 6.83% Finance 5.75% Software 8.09% 9.97% 7.31% Finance 9.51% Auto 6.22% 7.38% Finance 7.07% 4.96%
Ancillaries Services Products Non Durables
Petroleum Industrial Industrial Consumer Consumer Petroleum Telecom -
Cement 5.66% 9.30% 5.16% Construction 5.08% 5.35% 6.22% Gas 4.85% 6.99% Cement 7.72% 6.02% Petroleum 4.31% 5.67% Pharmaceuticals 4.73%
Products Products Products Non Durables Durables Products Services
Products
Petroleum Telecom - Petroleum Petroleum Petroleum
5.38% 5.88% Cement 4.76% Gas 4.77% 4.04% Chemicals 5.90% Construction 3.31% Construction 5.87% 5.31% Retailing 5.43% Auto 4.31% 5.37% Construction 4.13%
Products Services Products Products Products
T
Telecom - Cement 5.48% Auto Telecom - Petroleum Construction TTelecom -
4.56% 4.57% Finance 4.46% 3.75% Cement 5.87% 2.97% 5.74% Telecom - Services 4.45% 5.16% Telecom - 3.48% Cement 3.85% Cement 3.86%
Services Ancillaries Services Products Project Services Services
Industrial Auto 2.99% Pesticides
Industrial 4.16% Chemicals 2.85% Telecom - Engineering Ferrous Construction 2.92% Construction
4.01% 4.24%
Capital Goods Services
4.65% 2.43% Metals
5.16% Construction Project 4.44% Finance 4.43% 3.15% T
Transportation 3.63%
Products Services Project Project
Retailing 2.38% Cement
Auto Retailing 2.81%
Auto 3.77% Construction 3.59% Software 3.84% 2.83% 3.87% Power 2.20% Retailing 4.72% Retailing 2.55% Pesticides 4.24% Retailing 2.56% Chemicals 2.83%
Ancillaries

Standard Deviation 20.59% 19.92% 22.68% 24.56% 21.48% 23.53% 24.22% 25.17% 21.38% - - 15.51% -

R-Squared 0.98 0.98 0.96 0.96 0.97 0.96 0.85 0.87 0.96 - - 0.97 -

Beta 0.97 0.96 0.84 0.88 0.96 1.11 0.96 1.13 1.01 - - 1.13 -

Sharpe Ratio -0.33 -0.20 -0.33 -0.57 -0.32 -0.38 -0.50 -0.47 -0.33 - - -0.31 -
^
Total Expense Ratio 2.18% 2.63% 1.97% 2.08% 2.34% 1.94% 2.33% 2.58% 2.08% 2.51% 2.44% 1.89% 1.60%

$
Net Equity for Balanced Advantage Fund is 0.66%. Exit Load
#
Net Equity for Equity Savings Fund is 22.40%. If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above the limit
^
Note: Expense ratio is for regular plan as on 29th May 2020. within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil. (L&T Equity Fund, L&T Emerging Businesses Fund, L&T Large and Midcap
Disclaimers Fund, L&T Focused Equity Fund, L&T India Large Cap Fund, L&T Midcap Fund, L&T India Value Fund, L&T Infrastructure Fund, L&T Business Cycles Fund, L&T Balanced Advantage Fund, L&T Hybrid Equity Fund & L&T
The document indicates the strategy/ investment approach currently followed by the schemes and the same may change in future depending on market conditions and other factors. Equity Savings Fund).
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Refer factsheet while reading this document.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. CL07204
 DEBT FUND SNAPSHOT
Data as on May 29, 2020

NAME OF L&T Liquid L&T Ultra L&T Money L&T Low L&T Short Term L&T Resurgent L&T Flexi Bond L&T Credit Risk L&T Triple Ace L&T Banking and L&T Gilt Fund L&T Conservative
THE FUND Fund Short Term Fund Market Fund Duration Fund Bond Fund India Bond Fund Fund Fund Bond Fund PSU Debt Fund Hybrid Fund
Benchmark NIFTY Liquid Index NIFTY Ultra Short NIFTY Money Market NIFTY Low Duration NIFTY Short Duration CRISIL Medium Term CRISIL Dynamic Debt CRISIL Composite CRISIL Corporate NIFTY Banking & PSU CRISIL Dynamic CRISIL Hybrid 85+15 -
Duration Debt Index Index Debt Index Debt Index Debt Index Index Credit Risk Index Bond Composite Index Debt Index Gilt Index Conservative Index

Fund Category Liquid Ultra short duration Money Market Low duration Short duration Medium duration Dynamic Bond Credit Risk Corporate Bond Banking & PSU Gilt Conservative Hybrid

Month end AUM 8,871.26 1,707.51 1,112.13 426.92 4,534.88 743.49 59.62 382.46 3,706.29 4,029.32 216.85 32.40
(Rs in Crs)

Inception Date October 03, 2006 April 10, 2003 August 10, 2005 December 04, 2010 December 27, 2011 February 02, 2015 September 27, 2010 October 08, 2009 March 31, 1997 September 12, 2012 March 29, 2000 July 31, 2003
(Regular Plan)

Minimum Investment 1 day + 1 Month + 1 Month + 3 Months + 6 Months + 2 Years + 1 Year + / Tactical 1 Year + 1 Year + 3 Months + 1 Year + / Tactical -
Horizon

Total Expense Ratio+^ 0.20% 0.53% 0.73% 0.96% 0.75% 1.50% 1.62% 1.68% 0.61% 0.61% 1.78% 2.29%

Rating Profile Rating Profile

0.28% 2.14% 6.98%

A 17.23% 21. 35% 9.34% 19.23%
12.48% 25. 91%
A+
A- 18.09% 11. 66% 15.38%
55.36%
AA+ 3.40% 3. 29% 83.48%
58.95% 88.45% 72.92% 29. 72%
97.09%
AA 25.66% 84.05%
AA- 1.58% 44. 57%
77.92% 5. 12%
56.52%
8.20%
A1+ 19. 65%
35.07% 33.89% 6.30%
AAA
27.42% 21.65% 13. 28%
13. 21% 10.22%
SOV 2.62% 11.55% 8.87%
7.71% 5. 92% 6. 32% 6.61% 2.91%
4.54% 3.29% 2.62%
Cash & Equivalent EQUITY & EQUITY
RELATED

Asset Allocation Profile Asset Allocation Profile

1.86%
19.46% 15.37%
Treasury Bill 31. 56%
97.09%
Securitised Debt 57. 41%
68. 22% 19.23%
Government Bond 84. 81%
55.36% 88.45%
NCD 72.53% 83.48%
88.80%
Money Market Instrument 58. 95% 3. 40%
77.92%
NR/NP 11.88% 11. 77%
2. 14% 56.52%
7.87%
TREPS Reverse Repo 25. 04%
21. 65%
23.19% 2. 62% 13.28% 6.30%
3. 29% 4.59%
Equity & Equity Related 2. 33% 12.86% 4. 70%
5. 98%
5.16% 5.46% 0.01%
7.59% 1. 33% 2. 38% 0. 90% 2. 48% 1.31% 1.16% 1.57% 2.00% 7.02%
3. 21% -1.31% 2. 39% 1.31% 4.76% 5.04% 0.91% 1.85%
0.12% 3. 44%
CMB Rights

Exit Load
+
Effective April 01, 2019 Total Expense Ratio (TER) stands revised. For the actual current expenses charged to the scheme, please refer the website of the Mutual Fund - www.ltfs.com • If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 3 months from the date of allotment: Nil. If units redeemed or
^
Note: Expense ratio is for regular plan as on 29th May 2020. switched out are over and above the limit within 3 months from the date of allotment: 1%. If units are redeemed or switched out on or after 3 months from the date of allotment:
Disclaimers Nil (w.e.f. December 12, 2018) (L&T Low Duration Fund)
The document indicates the strategy / investment approach currently followed by the schemes and the same may change in future depending on market conditions and other factors. • For redemption within 1 year from the date of allotment or Purchase applying First in First out basis – 0.50% of Applicable NAV. For redemption After 1 year from the date of
allotment or Purchase applying First in First out basis - Nil (L&T Flexi Bond Fund)
Refer factsheet while reading this document.
• If the amount sought to be redeemed or switched out is invested for a period of up to 3 months from the date of allotment: 0.5%.If the amount sought to be redeemed or
switched out is invested for a period of more than 3 months from the date of allotment: Nil (w.e.f. December 12, 2018) (L&T Triple Ace Bond Fund)
• If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or
switched out are over and above the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
(L&T Credit Risk Fund & L&T Conservative Hybrid Fund)
• Nil (L&T Ultra Short Term Fund, L&T Money Market Fund, L&T Banking and PSU Debt Fund, L&T Short Term Bond Fund & L&T Gilt Fund)
• For redemption on or before 1 year from the date of allotment or Purchase applying First in First out basis – 1% of the applicable NAV. For redemption after 1 year from the date of
allotment or Purchase applying First in First out basis - Nil (w.e.f December 9, 2019) (L&T Resurgent India Bond Fund)
• Effective October 20, 2019, exit load will be applicable on all fresh investments in L&T Liquid Fund
Units redeemed / switched-out within “X”
Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 onwards
days from the date of allotment
Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Exit Load (as a % of redemption proceeds) 0.0070% 0.0065% 0.0060% 0.0055% 0.0050% 0.0045% Nil
CL07204
 Overnight Fund

L&T OVERNIGHT FUND (Formerly known as L&T Cash Fund)^

Data as on May 31,
29, 2020

INVESTMENT OBJECTIVE
The investment objective of the Scheme is to generate regular returns in line with the overnight rates. There is no assurance that the investment objective of the scheme
will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Average Maturity: Since the fund invests in overnight
Regular Plan November 27, 2006 securities average maturity is taken as 1 day.
Others Modified Duration 0.01 years
Direct Plan January 01, 2013 Tri Party Repo Dealing System 99.43% YTM 3.17%
(TREPS)/Reverse Repo
Net Receivable/Payable 0.57%
Fund Manager Net Assets 100.00%

Mr. Jalpan Shah and Mr. Shriram Ramanathan

(w.e.f. April 03, 2017)

Benchmark

CRISIL Overnight Index

Month end AUM

1,105.89 (` In Crs)

Monthly Average AUM

1,118.63 (` In Crs)

Options

% MATURITY PROFILE

•Growth 120% 100.00%

•Dividend option (Reinvestment and Payout) 100%
80%
60%
40%
20%
0%
TREPS / Rev Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

100.00% 0.57%

TREPS / Reverse Repo

TREPS/Rev Repo/NR/NP Net Receivables / (Payables)

99.43%

Exit Load: Nil

For details of expenses charged to Retail and Institutional Plans (subscriptions under which are not accepted w.e.f. October 01, 2012), please refer to the respective fund page under “Our Funds” on our website www.ltfs.com
For details of the performance of the schemes, please refer page nos 43 to 46.
^The name of the Scheme is changed to L&T Overnight Fund from L&T Cash Fund with effect from February 1, 2020 (‘effective date’).
25
 Liquid Fund

L&T LIQUID FUND

Data as on May 31,
29, 2020

INVESTMENT OBJECTIVE
To
Thegenerate reasonable
investment objectivereturns
of the while
Schememaintaining safetyregular
is to generate and providing
returns inthe investor
line superior
with the liquidity.
overnight rates.To achieve this objective, investments will be predominantly made in
a well-diversified and highly liquid portfolio of money market instruments, government securities and corporate debt. There is no assurance that the investment objective
of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Housing Development Finance
CRISIL A1+ 1.12%
Regular Plan October 03, 2006 Corporation Limited
Cash Management Bills Power Grid Corporation of
 84 DAYS CMB 20-AUG-2020 SOVEREIGN 19.25% CRISIL A1+ 0.28%
India Limited
Direct Plan December 31, 2012 Total 55.36%
77 DAYS CMB 16-JUN-2020 SOVEREIGN 2.81%
84 DAYS CMB 23-JUN-2020 SOVEREIGN 1.13% Listed/Awaiting Listing on the Exchange
Non Convertible Debentures
Fund Manager Total 23.19% Power Finance Corporation CRISIL AAA 1.13%
MONEY MARKET INSTRUMENTS Limited
Commercial Paper (Listed / Awaiting listing on Housing Development Finance CRISIL AAA 0.45%
Stock Exchanges) /Certificate of Deposit Corporation Limited
Mr Shriram Ramanathan and   ICICI Bank Limited ICRA A1+ 5.63% Muthoot Finance Limited CRISIL AA 0.28%
Mr. Jalpan Shah  Reliance Jio Infocomm Limited CRISIL A1+ Total 1.86%
5.05%
National Bank for Agriculture & Treasury Bill
 ICRA A1+ 5.63%
Rural Development  91 DAY T-BILL 11-JUN-2020 SOVEREIGN 4.39%
 Reliance Industries Limited CRISIL A1+ 4.48%
Benchmark  91 DAY T-BILL 25-JUN-2020 SOVEREIGN 4.11%
 Export Import Bank of India CRISIL A1+ 5.10%
 364 DAYS T-BILL 11-JUN-2020 SOVEREIGN 3.38%
Bharat Petroleum Corporation
 CRISIL A1+ 3.92% Total 11.88%
Limited
NIFTY Liquid Index Axis Bank Limited CRISIL A1+ 3.37% Others
Indian Oil Corporation Limited ICRA A1+ 3.37% Tri Party Repo Dealing System (TREPS)/
Housing Development Finance 7.59%
ICRA A1+ 2.81% Reverse Repo
Corporation Limited Net Receivable/Payable 0.12%
Month end AUM Bharati Telecom Limited CRISIL A1+ 2.78%
Net Assets 100.00%
Bank of Baroda CARE A1+ 2.54%
8,871.26 (` In Crs) National Housing Bank CRISIL A1+ 2.25% Average Maturity 0.10 years
NTPC Limited CRISIL A1+ 2.25% Modified Duration 0.10 years
Indian Bank IND A1+ 1.41%
YTM 3.55%
Monthly Average AUM Tata Power Company Limited CRISIL A1+ 1.13%
Kotak Mahindra Bank Limited CRISIL A1+ 1.12% Indicates top ten instruments
7,795.05 (` In Crs) Oil & Natural Gas Corporation
CARE A1+ 1.12%
Limited

Options
% MATURITY PROFILE

100% 92.29%
•Growth
80%
•Dividend (Reinvestment and Payout)
- Weekly Dividend 60%
•Daily Dividend Reinvestment Plan
40%
20% 7.71%
0%
0- 3 Months TREPS / Rev Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

0.28% 0.12%
7.71% 1.86%
7.59%

35.07% Non Convertible Debentures

AA/ AA(SO)/ / AA(CE) Money Market Instrument
23.19%
A1+/ A1+(SO) Treasury Bill
AAA/ AAA(SO)/ AAA(CE) Cash Management Bills
Sovereign TREPS / Reverse Repo
TREPS/Rev Repo/NR/NP 11.88% Net Receivables / (Payables)
55.36%

1.58% 55.36%

Exit Load: Effective October 20, 2019, exit load will be applicable on all fresh investments in L&T Liquid Fund
Units redeemed / switched-out within “X”
Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 onwards
days from the date of allotment
Exit Load (as a % of redemption proceeds) 0.0070% 0.0065% 0.0060% 0.0055% 0.0050% 0.0045% Nil
For details of expenses charged to Regular Plan (subscriptions under which are not accepted w.e.f. October 01, 2012), please refer to the respective fund page under “Our Funds” on our website www.ltfs.com
For details of the performance of the schemes, please refer page nos 43 to 46.
26
 Ultra Short Duration Fund

L&T ULTRA SHORT TERM FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate reasonable and stable income and provide liquidity to the unit holder. To achieve this objective the scheme will invest predominantly in a well diversified and
highly liquid portfolio of money market instruments, government securities and corporate debt. The scheme will not invest in equities or equity related instruments. There
is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS  Reliance Industries Limited CRISIL AAA 5.92%
Regular Plan April 10, 2003 Housing Development Finance
Cash Management Bills  CRISIL AAA 5.92%
Corporation Limited
Direct Plan January 01, 2013 84 DAYS CMB 20-AUG-2020 SOVEREIGN 2.62% Small Industries Development
 CARE AAA 4.57%
Bank of India
Total 2.62%
NTPC Limited CRISIL AAA 3.90%
MONEY MARKET INSTRUMENTS
Fund Manager Commercial Paper (Listed / Awaiting listing on Bajaj Finance Limited CARE AAA 2.36%
Stock Exchanges) /Certificate of Deposit Rec Limited CRISIL AAA 1.48%
 Axis Bank Limited CRISIL A1+ 8.63%
HDB Financial Services Limited CARE AAA 1.47%
Mr. Jalpan Shah & Mr. Shriram Ramanathan  ICICI Bank Limited ICRA A1+ 8.60%
Total 31.56%
(w.e.f March 21, 2020)  Export Import Bank of India CRISIL A1+ 7.18%
Securitised Debt
 Reliance Jio Infocomm Limited CRISIL A1+ 5.85%
First Business Receivables
 Kotak Mahindra Prime Limited CRISIL A1+ 4.35% Trust(Backed by receivables CRISIL 2.33%
Housing Development Finance from Reliance Industries, AAA(SO)
Benchmark CRISIL A1+ 4.28% Reliance Retail,Reliance Jio)
Corporation Limited
Kotak Mahindra Bank Limited CRISIL A1+ 3.47% Total 2.33%
SBI Cards and Payment Services Others
NIFTY Ultra Short Duration Debt Index CRISIL A1+ 2.86%
Limited Tri Party Repo Dealing System (TREPS)/
National Bank for Agriculture & 1.33%
 IND A1+ 5.71% Reverse Repo
Rural Development
Bank of Baroda IND A1+ 2.85% Net Receivable/Payable 3.21%
Month end AUM Reliance Industries Limited CRISIL A1+ 2.83% Net Assets 100.00%
JSW Steel Limited CARE A1+ 2.34% Average Maturity 0.45 years
1,707.51 (` In Crs)
Total 58.95% Modified Duration 0.43 years
Listed/Awaiting Listing on the Exchange
Non Convertible Debentures YTM 4.38%
Monthly Average AUM  LIC Housing Finance Limited CRISIL AAA 5.94%
Indicates top ten instruments

1,672.28 (` In Crs)

Options

•Growth % MATURITY PROFILE

•Dividend (Reinvestment and Payout)
1. Weekly Dividend 50% 42.48%
2. Monthly Dividend 40%
3. Semi- annual Dividend 29.72%
•Daily Dividend Reinvestment Plan 30%
18.69%
20%
10% 4.57% 4.54%
0%
0- 3 3- 6 6 Months 1-2 TREPS/ Rev
Months Months -1 Year Years Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

2.62% 4.54% 1.33%

3.21%
2.33%
33.89% 2.62%
Non Convertible Debentures
Money Market Instrument
A1+/ A1+(SO) 31.56%
Cash Management Bills
AAA/ AAA(SO)/ AAA(CE)
Securitised Debt
Sovereign
TREPS/Rev Repo/NR/NP TREPS / Reverse Repo
58.95%
Net Receivables / (Payables)

58.95%

Exit Load: Nil

For details of expenses charged to Regular Plan (subscriptions under which are not accepted w.e.f. October 01, 2012), please refer to the respective fund page under “Our Funds” on our website website www.ltfs.com
For details of the performance of the schemes, please refer page nos 43 to 46.

27
 Money Market Fund

L&T MONEY MARKET FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate
The investment
regular
objective
incomeof through
the Scheme
investment
is to generate
in a portfolio
regularcomprising
returns in line
substantially
with the overnight
of money rates.
market instruments. There is no assurance that the investment objective
of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Kotak Mahindra Prime Limited CRISIL A1+ 2.21%
Regular Plan August 10, 2005 MONEY MARKET INSTRUMENTS National Bank for Agriculture &
Commercial Paper (Listed / Awaiting listing on IND A1+ 2.19%
Rural Development
Direct Plan January 01, 2013 Stock Exchanges) /Certificate of Deposit National Bank for Agriculture &
Small Industries Development CRISIL A1+ 2.19%
 CARE A1+ 9.65% Rural Development
Bank of India Axis Bank Limited CRISIL A1+ 2.18%
Power Grid Corporation of
Fund Manager  CRISIL A1+ 6.71% Housing Development Finance
India Limited ICRA A1+ 2.16%
 Reliance Jio Infocomm Limited CRISIL A1+
Corporation Limited
6.64%
Total 88.45%
 ICICI Bank Limited ICRA A1+ 6.60%
Mr. Jalpan Shah & Mr. Shriram Ramanathan Others
 Export Import Bank of India CRISIL A1+ 6.59%
(w.e.f March 21, 2020) Tri Party Repo Dealing System (TREPS)/
 Bank
12.86%
of Baroda IND A1+ 6.56% Reverse Repo
 Reliance Industries Limited CRISIL A1+ 6.51% Net Receivable/Payable -1.31%
 Kotak Mahindra Bank Limited CRISIL A1+ 6.19% Net Assets 100.00%
Benchmark Housing Development Finance
 CRISIL A1+ 5.65% Average Maturity 0.46 years
Corporation Limited
 Indian Oil Corporation Limited ICRA A1+ 4.47% Modified Duration 0.44 years
NIFTY Money Market Index SBI Cards and Payment Services
CRISIL A1+ 4.41% YTM 4.24%
Limited
Axis Bank Limited ICRA A1+ 3.95%
Indicates top ten instruments
JSW Steel Limited CARE A1+ 3.59%
Month end AUM

1,112.13 (` In Crs)

Monthly Average AUM

1,017.56 (` In Crs)

Options

% MATURITY PROFILE
•Growth
•Dividend 80%
1. Daily Dividend (Payout)
2. Weekly Dividend (Payout) 58.59%
60%
3. Monthly Dividend (Re-investment and Payout)

40%
19.24%
20% 10.62% 11.55%

0%
0- 3 Months 3- 6 Months 6 Months - TREPS/ Rev
1 Year Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

11.55% -1.31%
12.86%

Money Market Instrument

A1+/ A1+(SO) TREPS / Reverse Repo
TREPS/Rev Repo/NR/NP Net Receivables / (Payables)
88.45%

88.45%

Exit Load: Nil

For details of the performance of the schemes, please refer page nos 43 to 46.

28
 Banking & PSU Fund

L&T BANKING AND PSU DEBT FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate reasonable returns by primarily investing in debt and money market securities that are issued by Banks, Public Sector Undertakings (PSUs) and Public Financial
Institutions (PFIs) in India. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS National Bank for Agriculture &
ICRA AAA 3.20%
Regular Plan September 12, 2012 Rural Development
Money Market Instrument
Reliance Industries Limited CRISIL AAA 3.16%
Commercial Paper (Listed / Awaiting listing on Small Industries Development
Direct Plan January 01, 2013 Stock Exchanges)/Certificate of Deposit CARE AAA 2.83%
Bank of India
 Export Import Bank of India CRISIL AAA 4.59% State Bank Of India CRISIL AAA 2.69%
Fund Manager Total 4.59% Bharat Petroleum Corporation
CRISIL AAA 2.05%
Non Convertible Debentures Limited
Listed/Awaiting Listing on the Exchange Export Import Bank of India CRISIL AAA 1.99%
Indian Railway Finance Small Industries Developemnt
Mr. Jalpan Shah & Mr. Shriram Ramanathan 
 CRISIL AAA 8.15% ICRA AAA 1.27%
Corporation Limited Bank of India
(w.e.f. April 03, 2017)  NTPC Limited CRISIL AAA 7.97% Bank of Baroda CARE AAA 1.06%
 Indian Oil Corporation Limited CRISIL AAA 6.91% NHPC Limited IND AAA 0.13%
National Bank for Agriculture & Nuclear Power Corporation Of
 CRISIL AAA 6.58% CRISIL AAA 0.09%
Rural Development India Limited
Benchmark Housing Development Finance
 CRISIL AAA 6.19% Total 88.80%
Corporation Limited
 National Housing Bank CRISIL AAA 8.03% Others
Power Grid Corporation of India Tri Party Repo Dealing System (TREPS)/
NIFTY Banking & PSU Debt Index  CRISIL AAA 5.74% 1.57%
Limited Reverse Repo
 State Bank Of India CRISIL AA+ 5.57% Net Receivable/Payable 5.04%
Hindustan Petroleum
 CRISIL AAA 4.53% Net Assets 100.00%
Corporation Limited
Month end AUM Average Maturity 2.76 years
HDFC Bank Limited CRISIL AA+ 3.77%
National Highways Authority
CRISIL AAA 3.57% Modified Duration 2.38 years
4,029.32 (` In Crs) of India
Housing and Urban YTM 5.74%
Development Corporation CARE AAA 3.32%
Limited Indicates top ten instruments
Monthly Average AUM

3,825.64 (` In Crs)

Options

% MATURITY PROFILE
•Growth 80%
•Dividend option 59.74%
(Reinvestment and Payout) 60%

40% 28.49%
20%
5.16% 6.61%
0%
1 - 2 Years 2 - 3 Years 3 - 5 Years TREPS / Rev
Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

6.61% 9.34% 5.04%

1.57%
4.59%

Non Convertible Debentures

AA+/ AA+(SO)/ AA+(CE)
Money Market Instruments
AAA/ AAA(SO)/ AAA(CE)
TREPS / Reverse Repo
TREPS/Rev Repo/NR/NP
Net Receivables / (Payables)

84.05% 88.80%

Exit Load: Nil

For details of expenses charged to Retail and Institutional Plans (subscriptions under which are not accepted w.e.f. October 01, 2012), please refer to the respective fund page under “Our Funds on our website website www.ltfs.com
For details of the performance of the schemes, please refer page nos 43 to 46.

29
 Short Duration Fund

L&T SHORT TERM BOND FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate
The investment
regular
objective
returns
of and
the Scheme
capital appreciation
is to generate
by regular
investing
returns
in debt,
in line
government
with the overnight
and moneyrates.
market securities. There is no assurance that the investment objective of
the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS UltraTech Cement Limited CRISIL AAA 0.79%
Regular Plan December 27, 2011 Power Grid Corporation of
MONEY MARKET INSTRUMENTS CRISIL AAA 0.59%
India Limited
Commercial Paper (Listed / Awaiting listing on National Housing Bank CRISIL AAA 0.80%
Direct Plan January 01, 2013 Stock Exchanges) /Certificate of Deposit Power Finance Corporation
Export Import Bank of India CRISIL A1+ 2.14% CRISIL AAA 0.22%
Limited
Total 2.14% Sundaram Finance Limited ICRA AAA 0.11%
GOVERNMENT BONDS Bajaj Finance Limited CRISIL AAA 0.05%
Fund Manager  07.72% GOI 25-MAY-2025 SOVEREIGN 8.48% Sundaram Finance Limited CRISIL AAA 0.04%
 07.32% GOI 28-JAN-2024 SOVEREIGN 5.94% Housing and Urban
 07.35% GOI 22-JUN-2024 SOVEREIGN 4.76% Development Corporation CARE AAA 0.02%
08.20% GOI 24-SEP-2025 SOVEREIGN 2.47% Limited
Mr. Shriram Ramanathan & Mr. Jalpan Shah Bajaj Housing Finance Limited CRISIL AAA 0.02%
Total 21.65%
(w.e.f. May 30, 2016) Non Convertible Debentures Total 68.22%
Listed/Awaiting Listing on the Exchange Securitised Debt Amort
National Bank for Agriculture & CRISIL AAA Rent-A-Device Trust(Backed
 9.52% ICRA
Rural Development by receivables from Reliance 2.72%
Small Industries Development CARE AAA AAA(SO)
Benchmark  8.12% Retail Ltd)
Bank of India
National Highways Authority First Business Receivables
 CRISIL AAA 8.04% Trust(Backed by
of India CRISIL
 NTPC Limited CRISIL AAA 7.84% receivables from Reliance 1.98%
NIFTY Short Duration Debt Index  Indian Oil Corporation Limited CRISIL AAA 6.78% AAA(SO)
Industries,Reliance
Indian Railway Finance Retail,Reliance Jio)
 CRISIL AAA 4.10%
Corporation Limited Total 4.70%
 State Bank Of India CRISIL AAA 4.09%
Housing Development Finance CRISIL AAA Others
Month end AUM 3.91% Tri Party Repo Dealing System (TREPS)/
Corporation Limited 0.90%
Reliance Industries Limited CRISIL AAA 2.46% Reverse Repo
Kotak Mahindra Prime Limited CRISIL AAA 2.24% Net Receivable/Payable 2.39%
4,534.88 (` In Crs) Larsen & Toubro Limited CRISIL AAA 1.71% Net Assets 100.00%
Export Import Bank of India CRISIL AAA 1.59%
Rec Limited CRISIL AAA 1.52% Average Maturity 2.70 years
Hindustan Petroleum Modified Duration 2.31 years
Monthly Average AUM CRISIL AAA 1.50%
Corporation Limited
Bank of Baroda CARE AAA 1.17% YTM 5.36%
Bharat Petroleum Corporation CRISIL AAA Indicates top ten instruments
0.99%
4,481.90 (` In Crs) Limited

Options

% MATURITY PROFILE
•Growth
•Dividend (Reinvestment and Payout) 60% 55.26%
•Quarterly Dividend (Reinvestment and Payout) 50%
•Annual Dividend (Reinvestment and Payout)
40% 32.87%
30%
20%
6.11% 3.29%
10% 2.47%
0%
0 - 1 year 1 - 2 years 2 - 5 years Greater than 5 TREPS / Rev
years Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

3.29% 2.14% 0.90%

2.39%
4.70%
Non Convertible Debentures
21.65% A1+/ A1+(SO)
21.65% Money Market Instrument
AAA/ AAA(SO)/ AAA(CE)
Government Bonds
Sovereign
Securitised Debt Amort
72.92% TREPS/Rev Repo/NR/NP 2.14% 68.22%
TREPS / Reverse Repo
Net Receivables / (Payables)

Exit Load: Nil

For details of the performance of the schemes, please refer page nos 43 to 46.

30
 Low Duration Fund

L&T LOW DURATION FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate reasonable returns primarily through investments in fixed income securities and money market instruments. There is no assurance that the objective of the
Scheme will be realised and the Scheme does not assure or guarantee any returns.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Hinduja Leyland Finance LimitedCRISIL AA- 2.33%
Regular Plan December 04, 2010 MONEY MARKET INSTRUMENTS Dewan Housing Finance
Commercial Paper (Listed / Awaiting listing on CARE D (LT) 0.00%
Corporation Limited
Direct Plan January 01, 2013 Stock Exchanges) /Certificate of Deposit Reliance Broadcast Network
Housing Development Finance Limited (Letter of Comfort/
CRISIL A1+ 2.26% CARE D (LT) 0.00%
Corporation Limited DSRA Guarantee of Reliance
Axis Bank Limited ICRA A1+ 1.14% Capital)
Fund Manager
Total 3.40% Total 57.41%
Non Convertible Debentures Securitised Debt
Listed/Awaiting Listing on the Exchange Rent-A-Device Trust(Backed
Mr. Shriram Ramanathan & Mr. Jalpan Shah HPCL-Mittal Energy Limited  by receivables from Reliance
ICRA 6.01%
(w.e.f March 21, 2020)  (Long term take or pay ICRA AA+ 8.42% AAA(SO)
Retail Ltd)
agreement with HPCL) First Business Receivables
Aditya Birla Fashion and Retail Trust(Backed by
 CRISIL AA 6.14%  receivables from Reliance
CRISIL
Limited 5.76%
National Highways Authority AAA(SO)
Industries,Reliance
Benchmark  CRISIL AAA 6.09% Retail,Reliance Jio)
of India
 Bharti Telecom Limited CRISIL AA+ 5.92% Total 11.77%
Jhajjar Power Limited (Subsidiary Others
 IND AA - 5.87%
NIFTY Low Duration Debt Index of CLP India Pvt Ltd)
Tata Power Renewable Energy Tri Party Repo Dealing System (TREPS)/
CARE AA 25.04%
 Limited (Corporate guarantee 5.81% Reverse Repo
(CE) Net Receivable/Payable 2.38%
of Tata Power Company Ltd)
 IIFL Home Finance Limited ICRA AA 5.28% Net Assets 100.00%
Month end AUM
Sikka Ports & Terminals Limited
 (erstwhile Reliance Ports & CRISIL AAA 4.13% Average Maturity 0.96 years
426.92 (` In Crs) Terminals Ltd) Modified Duration 0.85 years
State Bank Of India CRISIL AA+ 3.75%
Small Industries Development YTM 7.44%
CARE AAA 3.67%
Monthly Average AUM Bank of India
Indicates top ten instruments

445.46 (` In Crs)

Options

% MATURITY PROFILE
•Growth 40% 33.80%
•Dividend option (Reinvestment and Payout)
•Annual option (Reinvestment and Payout) 30% 27.42%
23.61%
20% 15.17%
10%

0%
0 -1 Year 1 - 2 years 2 - 5 years TREPS / Rev
Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

17.23% 2.38%
27.42%
25.04%

AA/ AA(SO)/ AA(CE) Non Convertible Debentures

AA+/ AA+(SO)/ AA+(CE) 57.41% Money Market Instrument
18.09%
A1+/ A1+(SO) Securitised Debt Amort
AAA/ AAA(SO)/ AAA(CE) TREPS / Reverse Repo
8.20% AA-/ AA-(SO)
11.77% Net Receivables / (Payables)
3.40% TREPS/Rev Repo/NR/NP
3.40%
25.66%

Exit Load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 3 months from the date of allotment: Nil. If units redeemed or switched out are over and above the limit
within 3 months from the date of allotment: 1%. If units are redeemed or switched out on or after 3 months from the date of allotment: Nil (w.e.f. December 12, 2018)
For details of the performance of the schemes, please refer page nos 43 to 46.

31
 Credit Risk Fund

L&T CREDIT RISK FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate regular returns and capital appreciation by investing predominantly in AA and below rated corporate bonds, debt, government securities and money market
instruments. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS National Highways Authority
Regular Plan October 08, 2009 CRISIL AAA 1.38%
of India
Money Market Instrument Dewan Housing Finance
CARE D (LT) 0.00%
Export Import Bank of India CRISIL AAA 7.87% Corporation Limited
Direct Plan January 01, 2013 Reliance Broadcast Network
Total 7.87% Limited (Letter of Comfort/
CARE D (LT) 0.00%
Government Bonds DSRA Guarantee of Reliance
Fund Manager Capital)
06.45% GOI 7-OCT-2029 SOVEREIGN 6.74%
Total 72.53%
05.79% GOI 11-MAY-2030 SOVEREIGN 6.54%
Others
Mr. Shriram Ramanathan & Mr. Jalpan Shah Total 13.28% Tri Party Repo Dealing System (TREPS)/
(w.e.f March 21, 2020) Non Convertible Debentures 5.16%
Reverse Repo
Listed/Awaiting Listing on the Exchange
Vizag General Cargo Berth Net Receivable/Payable 1.16%
CRISIL AA
Private Limited (Corporate 25.91% Net Assets 100.00%
(CE)
guarantee of Vedanta Ltd)
Benchmark Indofil Industries Limited CRISIL A+ 19.65% Average Maturity 3.01 years
SP Jammu Udhampur Highway Modified Duration 2.29 years
Limited (NHAI Annuity IND AAA 13.83%
CRISIL Composite Credit Risk Index Receivables) YTM 9.15%
National Bank for Agriculture &
ICRA AAA 6.64%
Rural Development
Indostar Capital Finance Limited CARE AA- 5.12%
Month end AUM

382.46 (` In Crs)

Monthly Average AUM

440.49 (` In Crs)

Options

% MATURITY PROFILE
•Growth 45.56%
50%
•Dividend
•Annual Dividend 40%
30% 21.70% 21.30%
20%
10% 5.12% 6.32%
0%
0 - 1 year 1 - 2 years 2 - 5 years Greater than TREPS / Rev
5 years Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

25.91% 5.16% 1.16%

6.32%

AA/ AA(SO)/ AA(CE) 13.28%

13.28% Non Convertible Debentures
AAA/ AAA(SO)/ AAA(CE)
Money Market Instrument
AA-/ AA-(SO)
7.87% Government Bonds
A+/ A+(SO)
19.65% TREPS / Reverse Repo
Sovereign
Net Receivables / (Payables)
29.72% TREPS/Rev Repo/NR/NP

5.12%
72.53%

Exit Load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above the limit
within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of expenses charged to Retail Plan (subscriptions under which are not accepted w.e.f. October 01, 2012), please refer to the respective fund page under “Our Funds” on our website www.ltfs.com
For details of the performance of the schemes, please refer page nos 43 to 46.
32
 Dynamic Bond Fund

L&T FLEXI BOND FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate reasonable returns through a diversified portfolio of fixed income securities. There is no assurance that the investment objective of the scheme will be real-
ized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS State Bank Of India CRISIL AA+ 6.98%
Regular Plan September 27, 2010 National Bank for Agriculture & CRISIL AAA
GOVERNMENT BONDS 4.68%
Rural Development
07.57% GOI 17-JUN-2033 SOVEREIGN 18.65% Total 19.46%
Direct Plan January 01, 2013
07.27% GOI 08-APR-2026 SOVEREIGN 18.10%
Others
07.26% GOI 14-JAN-2029 SOVEREIGN 18.04% Tri Party Repo Dealing System (TREPS)/
Fund Manager 1.31%
07.17% GOI 08-JAN-2028 SOVEREIGN 17.90% Reverse Repo
06.45% GOI 7-OCT-2029 SOVEREIGN 4.32% Net Receivable/Payable 1.31%
07.68% GOI 15-DEC-2023 SOVEREIGN 0.91% Net Assets 100.00%
Mr. Shriram Ramanathan & Mr. Jalpan Shah 
(w.e.f. May 30, 2016) Total 77.92% Average Maturity 8.28 years
Listed/Awaiting Listing on the Exchange
Non Convertible Debentures Modified Duration 5.90 years
National Highways Authority
CRISIL AAA 7.80% YTM 6.35%
of India
Benchmark

CRISIL Dynamic Debt Index

Month end AUM

59.62 (` In Crs)

Monthly Average AUM

59.34 (` In Crs)

Options

% MATURITY PROFILE
•Growth 100% 89.49%
•Dividend option (Reinvestment and Payout) 90%
•Annual option (Reinvestment and Payout) 80%
70%
60%
50%
40%
30%
20% 7.89%
10% 2.62%
0%
3 - 5 Years Greater than 5 TREPS / Rev Repo
years /NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

1.31%
2.62% 6.98% 1.31% 19.46%

12.48%
Non Convertible Debentures
AA+/ AA+(SO)/ AA+(CE)
Government Bonds
AAA/ AAA(SO)/ AAA(CE)
TREPS / Reverse Repo
Sovereign
TREPS/Rev Repo/NR/NP Net Receivables / (Payables)

77.92%
77.92%

Exit Load: For redemption within 1 year from the date of allotment or Purchase applying First in First out basis – 0.50% of Applicable NAV. For redemption After 1 year from the date of allotment or Purchase applying First in
First out basis - Nil
For details of expenses charged to Retail Plan (subscriptions under which are not accepted w.e.f. October 01, 2012), please refer to the respective fund page under “Our Funds” on our website www.ltfs.com
For details of the performance of the schemes, please refer page nos 43 to 46.
33
 Corporate Bond Fund

L&T TRIPLE ACE BOND FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate regular return by investing predominantly in AA+ and above rated debt and money market instruments. There is no assurance that the investment objective
of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Rec Limited CRISIL AAA 2.53%
Regular Plan March 31, 1997
Government Bonds
Food Corporation of India CRISIL AAA
 07.26% GOI 14-JAN-2029 SOVEREIGN 4.35% 1.82%
Direct Plan January 01, 2013 Limited (CE)
06.45% GOI 7-OCT-2029 SOVEREIGN 1.95% Housing and Urban
Development Corporation ICRA AAA 0.76%
Total 6.30% Limited
Fund Manager
Non Convertible Debentures
Listed/Awaiting Listing on the Exchange Reliance Industries Limited CRISIL AAA 0.73%
National Highways Authority Nuclear Power Corporation Of
 CRISIL AAA 10.35% CRISIL AAA 0.60%
Mr. Shriram Ramanathan & Mr. Jalpan Shah of India India Limited
(w.e.f. April 03, 2017)  Export Import Bank of India CRISIL AAA 9.89%
Housing Development Finance NHPC Limited CARE AAA 0.30%
 CRISIL AAA 9.48%
Corporation Limited
 NTPC Limited CRISIL AAA 9.33% Total 83.48%
Benchmark  HDFC Bank Limited CRISIL AAA 7.27% Others
National Bank for Agriculture & Tri Party Repo Dealing System (TREPS)/
CRISIL AAA 7.14% 5.46%

Rural Development Reverse Repo
CRISIL Corporate Bond Composite Index Indian Railway Finance Net Receivable/Payable 4.76%
 CRISIL AAA 6.55%
Corporation Limited Net Assets 100.00%
Housing and Urban
 Development Corporation CARE AAA 5.62% Average Maturity 7.81 years
Limited Modified Duration 5.48 years
Month end AUM
Indian Railway Finance
 CARE AAA 3.88%
Corporation Limited YTM 6.71%
3,706.29 (` In Crs) Power Grid Corporation of
CRISIL AAA 3.86%
India Limited Indicates top ten instruments
National Bank for Agriculture &
ICRA AAA 3.37%
Monthly Average AUM Rural Development

3,505.64 (` In Crs)

Options

% MATURITY PROFILE
•Growth
•Dividend (Reinvestment and Payout) 100% 89.78%
1. Quarterly Dividend
2. Semi-Annual Dividend 80%
3. Annual Dividend
60%
40%
20% 10.22%
0%
Greater than 5 years TREPS / Rev Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

83.48% 4.76%
10.22%
5.46%
6.30% 6.30%
Non Convertible Debentures
AAA/ AAA(SO)/ AAA(CE)
Government Bonds
Sovereign
TREPS / Reverse Repo
TREPS/Rev Repo/NR/NP
Net Receivables / (Payables)

83.48%

Exit Load: If the amount sought to be redeemed or switched out is invested for a period of up to 3 months from the date of allotment: 0.5%.If the amount sought to be redeemed or switched out is invested for a period of
more than 3 months from the date of allotment: Nil (w.e.f. December 12, 2018)
For details of the performance of the schemes, please refer page nos 43 to 46.

34
 Gilt Fund

L&T GILT FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate returns from a portfolio from investments in Government Securities. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Total 97.09%
Regular Plan March 29, 2000
GOVERNMENT BONDS Others
07.26% GOI 14-JAN-2029 SOVEREIGN 24.80% Tri Party Repo Dealing System (TREPS)/
Direct Plan January 01, 2013 2.00%
Reverse Repo
07.57% GOI 17-JUN-2033 SOVEREIGN 17.95%
Net Receivable/Payable 0.91%
07.19% GOI 15-SEP-2060 SOVEREIGN 12.50%
Fund Manager Net Assets 100.00%
07.16% GOI 20-SEP-2050 SOVEREIGN 12.40%
07.17% GOI 08-JAN-2028 SOVEREIGN 12.30% Average Maturity 15.84 years

Mr. Jalpan Shah & Mr. Shriram Ramanathan 06.79% GOI 15-MAY-2027 SOVEREIGN 12.09% Modified Duration 8.19 years
(w.e.f. April 03, 2017) 07.40% GOI 09-SEP-2035 SOVEREIGN 5.05% YTM 6.35%

Benchmark

CRISIL Dynamic Gilt Index

Month end AUM

216.85 (` In Crs)

Monthly Average AUM

191.24 (` In Crs)

Options

% MATURITY PROFILE
•Growth 120%
•Dividend option (Reinvestment and Payout) 97.09%
Quarterly Dividend 100%
80%
60%
40%
20% 2.91%
0%
Greater than 5 years TREPS / Rev Repo/NR/NP

% RATING PROFILE % ASSET ALLOCATION PROFILE

2.00% 0.91%
2.91%

Government Bonds
Sovereign TREPS / Reverse Repo
TREPS/Rev Repo/NR/NP Net Receivables / (Payables)

97.09%
97.09%

Exit Load: Nil.

For details of the performance of the schemes, please refer page nos 43 to 46.

35
 Conservative Hybrid Fund

L&T CONSERVATIVE HYBRID FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To generate regular income through investments in a range of Debt, Equity and Money Market Instruments. Income will be distributed only if the same is earned by the
scheme and there can be no assurance that the objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Godrej Properties Limited Construction 0.18%
Regular Plan July 31, 2003 Government Bonds Non - Ferrous
Vedanta Limited 0.18%
 07.59% GOI 11-JAN-2026 SOVEREIGN 33.57% Metals
 07.37% GOI 16-APR-2023 SOVEREIGN 16.58% Lumax Industries Limited Auto Ancillaries 0.17%
Direct Plan January 01, 2013 Construction
 06.45% GOI 7-OCT-2029 SOVEREIGN 6.37% Ashoka Buildcon Limited 0.16%
Project
Total 56.52% Hotels, Resorts
Fund Manager EQUITY & EQUITY RELATED The Indian Hotels Company And Other
Listed / awaiting listing on the stock exchanges 0.14%
Limited Recreational
 HDFC Bank Limited Banks 1.34%
Mr. Jalpan Shah (Debt portion) Activities
 Reliance Industries Limited
Petroleum Sundaram Finance Limited Finance 0.13%
1.33%
(w.e.f. May 30, 2016), Mr. Venugopal Manghat Products State Bank of India Banks 0.12%
& Mr. Vihang Naik (w.e.f. Dec 17, 2019)  ICICI Bank Limited Banks 0.95% Housing Development
Telecom - Finance 0.10%
(Equity portion)  Bharti Airtel Limited 0.77% Finance Corporation Limited
Services Consumer
Kotak Mahindra Bank Blue Star Limited 0.10%
Banks 0.72% Durables
Limited Cholamandalam Investment
Benchmark Infosys Limited Software 0.65% and Finance Company Finance 0.08%
Trent Limited Retailing 0.59% Limited
Sun Pharmaceutical MindTree Limited Software 0.06%
Pharmaceuticals 0.57%
Industries Limited Tata Steel Limited - Partly
CRISIL Hybrid 85+15 - Conservative Index Construction Ferrous Metals 0.00%
Larsen & Toubro Limited 0.49% Paid Up
Project Total 15.36%
HCL Technologies Limited Software 0.47% PREFERENCE SHARES
The Ramco Cements Listed/awaiting listing on the stock exchanges
Cement 0.45%
Month end AUM Limited Zee Entertainment Media &
Tata Consultancy Services 0.01%
Software 0.45% Enterprises Limited Entertainment
Limited
Consumer Non Total 0.01%
32.40 (` In Crs) Asian Paints Limited 0.44%
Durables Non Convertible Debentures
Consumer Non Listed/Awaiting Listing on the Exchange
Hindustan Unilever Limited 0.42%
Durables  Rec Limited CRISIL AAA 7.81%
Monthly Average AUM Lupin Limited Pharmaceuticals 0.42% National Bank for
IPCA Laboratories Limited Pharmaceuticals 0.42%  Agriculture & Rural CRISIL AAA 6.64%
Hindustan Petroleum Petroleum Development
32.23 (` In Crs) 0.32% Power Finance Corporation CRISIL AAA
Corporation Limited Products  4.78%
Maruti Suzuki India Limited Auto 0.29% Limited
K.P.R. Mill Limited Textile Products 0.27% Total 19.23%
Options Shree Cements Limited Cement 0.26% Rights
Consumer Non Reliance Industries Limited Petroleum
ITC Limited 0.25% 0.01%
Durables - Rights Products
UPL Limited Pesticides 0.24%
•Growth Total 0.01%
Brigade Enterprises Limited Construction 0.22%
•Dividend (Reinvestment and Payout) Ahluwalia Contracts India Others
Construction 0.22% Tri Party Repo Dealing System (TREPS)/
1. Monthly Dividend Limited 7.02%
Endurance Technologies Reverse Repo
2. Quarterly Dividend Auto Ancillaries 0.21%
Limited Net Receivable/Payable 1.85%
Future Lifestyle Fashions
Retailing 0.21% Net Assets 100.00%
Limited
Axis Bank Limited Banks 0.20% Average Maturity 4.18 years
Construction
Engineers India Limited 0.20%
Project Modified Duration 3.39 years
Atul Limited Chemicals 0.19%
UltraTech Cement Limited Cement 0.19% YTM 5.55%
Sobha Limited Construction 0.19%
Indicates top ten instruments

% RATING PROFILE % ASSET ALLOCATION PROFILE % MATURITY PROFILE

45% 39.94%
1.85% 40%
8.87% 19.23% 7.02%
0.01% 15.37% Equity & Equity Related 35%
Non Convertible Debentures 30%
25% 23.22%
AAA/ AAA(SO)/ AAA(CE) Government Bonds
19.23%
Equity & Equity Related 20% 15.38%
56.52% Rights
15% 12.59%
Sovereign TREPS / Reverse Repo 8.87%
10%
TREPS/Rev Repo/NR/NP Net Receivables / (Payables)
5%
15.38% 0%
56.52%
1-2 2-3 Greater Equity & TREPS /
Years Years than 5 years Equity Rev Repo/
Related NR/NP

Exit Load: If the units redeemed or switched out are upto 10% of the units (the limit) purchased or switched within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above the limit within
1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
For details of the performance of the schemes, please refer page nos 43 to 46.

36
 Medium Duration Fund

L&T RESURGENT INDIA BOND FUND

Data as on May 29, 2020

INVESTMENT OBJECTIVE
To seek to generate income by investing primarily in debt and money market securities. There is no assurance that the investment objective of the scheme will be realized.

FUND DETAILS PORTFOLIO ALLOCATION

Name of Instrument Rating/ % to Net Name of Instrument Rating/ % to Net

Date of Inception Industry Assets Industry Assets
DEBT INSTRUMENTS Cholamandalam Investment
ICRA AA+ 2.70%
Regular Plan February 02, 2015 and Finance Company Limited
Money Market Instrument L&T Metro Rail (Hyderabad)
Commercial Paper (Listed / Awaiting listing on IND AAA
Limited (Put Option On L&T 2.32%
Direct Plan February 02, 2015 Stock Exchanges)/Certificate of Deposit (CE)
Limited )
Axis Bank Limited ICRA A1+ 3.29% IOT Utkal Energy Services
Total 3.29% Limited (Long term take or pay CRISIL AAA 1.89%
Fund Manager agreement with IOCL)
Non Convertible Debentures HPCL-Mittal Energy Limited
Listed/Awaiting Listing on the Exchange
SP Jammu Udhampur Highway (Long term take or pay ICRA AA+ 1.21%
 Limited (NHAI Annuity IND AAA 11.26% agreement with HPCL)
Mr. Shriram Ramanathan & Mr. Jalpan Shah NHPC Limited IND AAA 0.71%
(w.e.f March 21, 2020) Receivables)
Coastal Gujarat Power Limited Dewan Housing Finance
 (corporate guarantee of Tata
CARE AA CARE D (LT) 0.00%
9.95% Corporation Limited
(CE)
Power Company Ltd) Yes Bank Limited ICRA D 0.00%
 Rec Limited CRISIL AAA 7.45% Total 84.81%
Benchmark
 Indostar Capital Finance Limited CARE AA- 7.24% Securitised Debt
Indian Railway Finance First Business Receivables
 CRISIL AAA 6.23%
Corporation Limited Trust(Backed by
CRISIL Medium Term Debt Index  receivables from Reliance
CRISIL
 Hinduja Leyland Finance LimitedCARE AA- 5.97% 5.98%
AAA(SO)
National Bank for Agriculture & Industries,Reliance
 CRISIL AAA 5.94% Retail,Reliance Jio)
Rural Development
Tata Power Renewable Energy Total 5.98%
 Limited (Corporate guarantee
CARE AA
Month end AUM 4.67%
(CE) Others
of Tata Power Company Ltd)
Jhajjar Power Limited (Partial Tri Party Repo Dealing System (TREPS)/
IND AA+ 2.48%
743.49 (` In Crs)  Corporate Guarantee of CLP 4.04% Reverse Repo
(CE)
India Pvt Ltd) Net Receivable/Payable 3.44%
IndusInd Bank Limited CRISIL AA 3.70% Net Assets 100.00%
Monthly Average AUM Patel Knr Heavy Infrastructures
Private Limited (Nhai Annuity CARE AA+ 3.71% Average Maturity 4.81 years
Receivables)
Modified Duration 3.35 years
856.89 (` In Crs) IIFL Home Finance Limited ICRA AA 3.03%
Sikka Ports & Terminals Limited YTM 9.62%
(erstwhile Reliance Ports & CRISIL AAA 2.79%
Options Terminals Ltd) Indicates top ten instruments

•Growth
•Dividend option (Payout and Reinvestment)
•Annual Dividend (Payout and Reinvestment)

% RATING PROFILE % ASSET ALLOCATION PROFILE % MATURITY PROFILE

50% 45.90%
5.92% 3.44%
2.48%
13.21% 21.35% 40%
5.98%
AA/ AA(SO)/ AA(CE) 3.29%
Non Convertible Debentures

AA+/ AA+(SO)/ AA+(CE) Money Market Instrument 30% 24.37%

A1+/ A1+(SO) Securitised Debt 19.31%
20%
11.66% 84.81%
AAA/ AAA(SO)/ AAA(CE) TREPS / Reverse Repo

AA-/ AA-(SO) Net Receivables / (Payables) 10% 4.50% 5.92%

TREPS/Rev Repo/NR/NP
3.29%
0%
44.57% 3 Months - 1-2 3-5 Greater TREPS / Rev
1 Year Years Years than Repo/NR/NP
5 years

Exit Load: For redemption on or before 1 year from the date of allotment or Purchase applying First in First out basis – 1% of the applicable NAV. For redemption after 1 year from the date of allotment or Purchase applying First
in First out basis - Nil (w.e.f December 9, 2019)
For details of the performance of the schemes, please refer page nos 43 to 46.
37
FUND MANAGER WISE SCHEME DETAILS
Data as on May 29, 2020

Sr. No. Mr. Praveen Ayathan

Sr. No. Mr. Vihang Naik Total No. of years of experience: 27
Total No. of years of experience: 11 1 L&T Arbitrage Opportunities Fund (Co-FM)
1 L&T Equity Fund 2 L&T Equity Savings Fund (Co-FM)
2 L&T Large and Midcap Fund L&T Balanced Advantage Fund (Formerly known as L&T Dynamic
3
3 L&T Tax Advantage Fund Equity Fund) (Co-FM)
L&T Balanced Advantage Fund (Formerly known as L&T Dynamic 4 L&T Nifty 50 Index Fund
4
Equity Fund) (Equity Component)
5 L&T Nifty Next 50 Index Fund
5 L&T Infrastructure Fund (Co-FM)
6 L&T Hybrid Equity Fund (Equity Component) (Co-FM)
Sr. No. Mr. Shriram Ramanathan
7 L&T Midcap Fund
Total No. of years of experience: 18
8 L&T Emerging Businesses Fund (Co-FM)
9 L&T Focused Equity Fund 1 L&T Liquid Fund

10 L&T India Large Cap Fund (Co-FM) 2 L&T Low Duration Fund

11 L&T Emerging Opportunities Fund Series - I 3 L&T Credit Risk Fund

12 L&T Emerging Opportunities Fund Series - II 4 Fixed Maturity Plans (Co-FM)

13 L&T India Value Fund (Co-FM) 5 L&T Triple Ace Bond Fund

14 L&T Business Cycles Fund (Co-FM) 6 L&T Resurgent India Bond Fund

15 L&T Equity Savings Fund (Equity Component) (Co-FM) 7 L&T Hybrid Equity Fund (Debt Component)

16 L&T Conservative Hybrid Fund (Equity Component) (Co-FM) 8 L&T Short Term Bond Fund
9 L&T Flexi Bond Fund
Sr. No. Mr. Venugopal Manghat 10 L&T Overnight Fund (Formerly known as L&T Cash Fund) (Co-FM)
Total No. of years of experience: 25 11 L&T Banking and PSU Debt Fund (Co-FM)
1 L&T India Large Cap Fund 12 L&T Gilt Fund (Co-FM)
2 L&T India Value Fund 13 L&T Ultra Short Term Fund (Co-FM)
3 L&T Conservative Hybrid Fund (Equity Component) 14 L&T Money Market Fund (Co-FM)
4 L&T Equity Savings Fund (Equity Component)
5 L&T Arbitrage Opportunities Fund Sr. No. Mr. Jalpan Shah
Total No. of years of experience: 14
6 L&T Business Cycles Fund
1 L&T Liquid Fund (Co-FM)
7 L&T Equity Fund (Co-FM)
2 L&T Ultra Short Term Fund
8 L&T Large and Midcap Fund (Co-FM)
3 L&T Short Term Bond Fund (Co-FM)
9 L&T Tax Advantage Fund (Co-FM)
4 L&T Flexi Bond Fund (Co-FM)
L&T Balanced Advantage Fund (Formerly known as L&T Dynamic
10 5 L&T Gilt Fund
Equity Fund) (Equity Component) (Co-FM)
11 L&T Infrastructure Fund 6 L&T Banking and PSU Debt Fund
7 L&T Overnight Fund (Formerly known as L&T Cash Fund)
12 L&T Hybrid Equity Fund (Equity Component)
8 Fixed Maturity Plans
13 L&T Midcap Fund (Co-FM)
9 L&T Conservative Hybrid Fund (Debt Component)
14 L&T Emerging Businesses Fund
L&T Balanced Advantage Fund (Formerly known as L&T Dynamic
10
15 L&T Focused Equity Fund (Co-FM) Equity Fund) (Debt Portion)
16 L&T Emerging Opportunities Fund Series - I (Co-FM) 11 L&T Equity Savings Fund (Debt Portion)
17 L&T Emerging Opportunities Fund Series - II (Co-FM) 12 L&T Triple Ace Bond Fund (Co-FM)
13 L&T Money Market Fund
14 L&T Arbitrage Opportunities Fund (Debt Portion)
Sr. No. Mr. Alok Ranjan
15 L&T Low Duration Fund (Co-FM)
Total No. of years of experience: 8
16 L&T Credit Risk Fund (Co-FM)
1 L&T Equity Fund*
17 L&T Resurgent India Bond Fund (Co-FM)
2 L&T India Large Cap Fund*
3 L&T Large and Midcap Fund*
4 L&T India Value Fund*
5 L&T Hybrid Equity Fund
6 L&T Emerging Businesses Fund*
7 L&T Arbitrage Opportunities Fund*
8 L&T Business Cycles Fund*

For investments in Foreign Securities

*

38
 SIP PERFORMANCE OF GROWTH OPTION
Data as on May 29, 2020

L&T Equity Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 1200000 1810000
Market value of the invested amount (`) 104989 306364 563751 916633 1613674 3754689
Scheme Returns (%) -22.61 -10.24 -2.45 2.47 5.78 9.08
Total Value of S&P BSE-500 TRI Index (B*) (`) 105250 316342 599360 967630 1681524 3569008
S&P BSE-500 TRI Index Returns (B*) (%) -22.23 -8.25 -0.04 3.99 6.57 8.48
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997918 1722888 3664660
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.86 7.04 8.79

L&T Tax Advantage Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 1200000 1720000
Market value of the invested amount (`) 104786 301390 569854 944630 1682984 3456718
Scheme Returns (%) -22.90 -11.25 -2.03 3.31 6.59 9.18
Total Value of S&P BSE 200 TRI (B*) (`) 105863 322888 612467 984979 1714775 3225880
S&P BSE 200 TRI Returns (B*) (%) -21.34 -6.97 0.81 4.49 6.95 8.31
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997918 1722888 3203982
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.86 7.04 8.22

L&T Large and Midcap Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 1200000 1690000
Market value of the invested amount (`) 108130 311423 578424 951576 1733896 3346041
Scheme Returns (%) -18.03 -9.23 -1.44 3.52 7.16 9.16
Total Value of NIFTY LargeMidcap 250 TRI (B*) (`) 105196 310726 593044 993975 1785034 3328951
NIFTY LargeMidcap 250 (B*) (%) -22.31 -9.37 -0.46 4.75 7.71 9.09
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997918 1722888 3099386
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.86 7.04 8.17

L&T Infrastructure Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 1200000 1530000
Market value of the invested amount (`) 97467 264672 507462 886108 1523331 2079196
Scheme Returns (%) -33.21 -19.07 -6.57 1.51 4.67 4.67
Total Value of Nifty Infrastructure TRI (B*) (`) 113473 331349 587843 866449 1291528 1607708
Nifty Infrastructure TRI Returns (B*) (%) -10.05 -5.33 -0.81 0.88 1.45 0.77
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997918 1722888 2601928
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.86 7.04 7.97

L&T India Large Cap Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 1200000 1520000
Market value of the invested amount (`) 105837 324696 595247 951387 1650771 2591108
Scheme Returns (%) -21.38 -6.62 -0.31 3.51 6.22 8.06
Total Value of S&P BSE 100 TRI (B*) (`) 105534 324098 614506 974919 1688387 2533702
S&P BSE 100 TRI Returns (B*) (%) -21.82 -6.73 0.94 4.20 6.65 7.73
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997918 1722888 2577990
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.86 7.04 7.98
L&T India Value Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 1200000 1250000
Market value of the invested amount (`) 102875 292316 548414 984072 1922156 2062312
Scheme Returns (%) -25.64 -13.12 -3.54 4.46 9.12 9.28
Total Value of S&P BSE 200 TRI (B*) (`) 105863 322888 612467 984979 1714775 1822440
S&P BSE 200 TRI Returns (B*) (%) -21.34 -6.97 0.81 4.49 6.95 7.03
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997918 1722888 1832303
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.86 7.04 7.13

L&T Midcap Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 1200000 1900000
Market value of the invested amount (`) 107206 301562 582656 1078089 2116120 5732652
Scheme Returns (%) -19.38 -11.22 -1.16 7.03 10.94 12.79
Total Value of Nifty Midcap 100 TRI (B*) (`) 101499 277108 512985 879427 1560281 4088794
Nifty Midcap 100 TRI Returns (B*) (%) -27.59 -16.34 -6.15 1.30 5.13 9.05
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997918 1722888 4271472
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.86 7.04 9.54
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is
not taken into consideration. For SIP returns, monthly investment of ` 10000 invested on the 1st day of every month has been considered.
*B: Scheme Benchmark, AB: Additional Benchmark

39
 SIP PERFORMANCE OF GROWTH OPTION
Data as on May 29, 2020

L&T Emerging Businesses Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 NA NA 730000
Market value of the invested amount (`) 94147 249015 492737 NA NA 660630
Scheme Returns (%) -37.72 -22.62 -7.72 NA NA -3.25
Total Value of S&P BSE SmallCap TRI (B*) (`) 102609 268849 496060 NA NA 639624
S&P BSE SmallCap TRI Returns (B*) (%) -26.02 -18.14 -7.46 NA NA -4.30
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 NA NA 805498
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 NA NA 3.20

L&T Business Cycles Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 NA NA 700000
Market value of the invested amount (`) 97661 276502 502177 NA NA 605256
Scheme Returns (%) -32.94 -16.47 -6.98 NA NA -4.93
Total Value of S&P BSE 200 TRI (B*) (`) 105863 322888 612467 NA NA 738489
S&P BSE 200 TRI Returns (B*) (%) -21.34 -6.97 0.81 NA NA 1.81
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 NA NA 762140
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 NA NA 2.88

L&T Focused Equity Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 NA NA NA NA 190000
Market value of the invested amount (`) 110114 NA NA NA NA 176368
Scheme Returns (%) -15.10 NA NA NA NA -8.74
Total Value of Nifty 500 TRI (B*) (`) 105059 NA NA NA NA 165358
Nifty 500 TRI Returns (B*) (%) -22.51 NA NA NA NA -15.83
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 NA NA NA NA 167642
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 NA NA NA NA -14.36

L&T Balanced Advantage Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 NA 1120000
Market value of the invested amount (`) 119794 373838 662583 1060715 NA 1706145
Scheme Returns (%) -0.32 2.48 3.93 6.57 NA 8.77
Total Value of 50% - S&P BSE-200 TRI and 50% - CRISIL Short Term
Bond Fund Index (B*) (`)
117199 371624 686297 1067220 NA 1628518
50% - S&P BSE-200 TRI and 50% - CRISIL Short Term Bond Fund Index
Returns (B*) (%)
-4.36 2.08 5.33 6.75 NA 7.82
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997696 NA 1564297
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.85 NA 6.99

L&T Hybrid Equity Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 NA 1120000
Market value of the invested amount (`) 109665 326645 598984 993390 NA 1633711
Scheme Returns (%) -15.76 -6.24 -0.07 4.73 NA 7.88
Total Value of CRISIL Hybrid 35+65 - Aggressive Index (B*) (`) 114489 360474 673219 1070208 NA 1662024
CRISIL Hybrid 35+65 - Aggressive Index Returns (B*) (%) -8.51 0.09 4.56 6.82 NA 8.23
Total Value of S&P BSE SENSEX TRI (AB*) (`) 105015 334394 636947 997696 NA 1564297
S&P BSE SENSEX TRI Returns (AB*) (%) -22.57 -4.75 2.36 4.85 NA 6.99

L&T Arbitrage Opportunities Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 NA NA 720000
Market value of the invested amount (`) 124501 396923 703791 NA NA 874057
Scheme Returns (%) 7.12 6.47 6.33 NA NA 6.40
Total Value of Nifty 50 Arbitrage Index (B*) (`) 122829 390562 686195 NA NA 850431
Nifty 50 Arbitrage Index Returns (B*) (%) 4.46 5.39 5.32 NA NA 5.49
Total Value of CRISIL 1 Year T-Bill Index (AB*) (`) 125366 404742 721583 NA NA 899244
CRISIL 1 Year T-Bill Index Returns (AB*) (%) 8.51 7.79 7.33 NA NA 7.34

L&T Equity Savings Fund - Regular Plan 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception
Total Amount Invested (`) 120000 360000 600000 840000 NA 1050000
Market value of the invested amount (`) 111652 335874 593733 906407 NA 1226562
Scheme Returns (%) -12.80 -4.47 -0.41 2.15 NA 3.50
Total Value of NIFTY Equity Savings Index (B^) (`) 119675 381166 693894 1066889 NA 1468732
NIFTY Equity Savings Index Returns (B^) (%) -0.59 3.96 5.95 6.88 NA 7.63
Total Value of CRISIL 10 Yr Gilt Index (AB^) (`) 127899 422598 750106 1146769 NA 1531627
CRISIL 10 Yr Gilt Index Returns (AB^) (%) 12.60 10.74 8.89 8.76 NA 8.43
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is
not taken into consideration. For SIP returns, monthly investment of ` 10000 invested on the 1st day of every month has been considered.
*B: Scheme Benchmark, AB: Additional Benchmark

40
 NAV
Data as on May 29, 2020

Equity Funds (Data as on May 29, 2020)

L&T Equity Fund L&T Tax Advantage Fund
Option NAV (`) Option NAV (`)
Dividend Option - Regular Plan 22.712 Dividend Option - Regular Plan 16.010
Growth Option - Regular Plan 67.390 Growth Option - Regular Plan 44.230
Dividend Option - Direct Plan 26.042 Dividend Option - Direct Plan 20.570
Growth Option - Direct Plan 70.905 Growth Option - Direct Plan 46.370

L&T Large and Midcap Fund L&T India Large Cap Fund
Option NAV (`) Option NAV (`)
Dividend Option - Regular Plan 19.851 Dividend Option - Regular Plan 13.411
Growth Option - Regular Plan 40.306 Growth Option - Regular Plan 23.386
Dividend Option - Direct Plan 22.457 Dividend Option - Direct Plan 14.583
Growth Option - Direct Plan 42.603 Growth Option - Direct Plan 24.697

L&T India Value Fund L&T Midcap Fund

Option NAV (`) Option NAV (`)
Dividend Option - Regular Plan 19.903 Dividend Option - Regular Plan 32.170
Growth Option - Regular Plan 28.333 Growth Option - Regular Plan 110.700
Dividend Option - Direct Plan 22.733 Dividend Option - Direct Plan 34.750
Growth Option - Direct Plan 30.104 Growth Option - Direct Plan 118.250

L&T Infrastructure Fund L&T Emerging Businesses Fund

Option NAV (`) Option NAV (`)
Dividend Option - Regular Plan 11.530 Dividend Option - Regular Plan 11.992
Growth Option - Regular Plan 11.530 Growth Option - Regular Plan 16.514
Dividend Option - Direct Plan 12.260 Dividend Option - Direct Plan 12.838
Growth Option - Direct Plan 12.260 Growth Option - Direct Plan 17.390

L&T Business Cycles Fund L&T Focused Equity Fund

Option NAV (`) Option NAV (`)
Dividend Option - Regular Plan 9.658 Dividend Option - Regular Plan 9.765
Growth Option - Regular Plan 11.657 Growth Option - Regular Plan 9.765
Dividend Option - Direct Plan 9.956 Dividend Option - Direct Plan 9.935
Growth Option - Direct Plan 12.147 Growth Option - Direct Plan 9.935

L&T Nifty 50 Index Fund L&T Nifty Next 50 Index Fund

Option NAV (`) Option NAV (`)
Dividend Option - Regular Plan 10.715 Dividend Option - Regular Plan 10.424
Growth Option - Regular Plan 10.715 Growth Option - Regular Plan 10.424
Dividend Option - Direct Plan 10.721 Dividend Option - Direct Plan 10.430
Growth Option - Direct Plan 10.721 Growth Option - Direct Plan 10.430

Debt Funds (Data as on May 29, 2020)

L&T Overnight Fund (Data as on May 31, 2020) L&T Liquid Fund (Data as on May 31, 2020)
Option NAV (`) Option NAV (`)
Daily Dividend Option - Regular Plan 1023.3000 Daily Dividend 1011.7794
Weekly Dividend Option - Regular Plan 1000.4989 Weekly Dividend 1003.1657
Monthly Dividend Option - Regular Plan 1001.0983 Growth 2732.7775
Growth Option - Regular Plan 1492.6262 Daily Dividend - Direct Plan 1014.3496
Daily Dividend Option - Direct Plan 1023.3000 Weekly Dividend - Direct Plan 1001.4034
Weekly Dividend Option - Direct Plan 1001.9074 Growth - Direct Plan 2744.0036
Monthly Dividend Option - Direct Plan 1054.5842
Growth Option - Direct Plan 1565.9794 L&T Money Market Fund
Option NAV (`)
L&T Ultra Short Term Fund Daily Dividend Plan - Regular Plan 10.8510
Option NAV (`) Weekly Dividend - Regular Plan 12.9771
Daily Dividend 10.3174 Monthly Dividend - Regular Plan 11.6176
Weekly Dividend 11.0473 Growth Plan - Regular Plan 20.1974
Monthly Dividend 12.8498 Daily Dividend Plan - Direct Plan 10.8513
Semi Annual Dividend 25.0924 Weekly Dividend Plan - Direct Plan 13.0384
Growth 33.1867 Monthly Dividend - Direct Plan 12.0784
Bonus 18.1019 Growth Plan - Direct Plan 20.7818
Regular Growth 31.9352
Daily Dividend - Direct Plan 10.5047
Weekly Dividend - Direct Plan 11.2244
Monthly Dividend - Direct Plan 13.1167
Growth - Direct Plan 33.9655
Bonus - Direct Plan 18.5532
41
 NAV
Data as on May 29, 2020

L&T Banking and PSU Debt Fund L&T Short Term Bond Fund
Option NAV (`) Option NAV (`)
Daily Dividend Option - Regular Plan 11.0291 Monthly Dividend - Regular Plan 11.4310
Weekly Dividend Option - Regular Plan 10.8524 Quarterly Dividend - Regular Plan 11.1505
Monthly Dividend Option - Regular Plan 11.2321 Annual Dividend - Regular Plan 12.6465
Growth Option - Regular Plan 18.4783 Growth - Regular Plan 20.0079
Daily Dividend Option - Direct Plan 11.1038 Bonus - Regular Plan 20.0079
Weekly Dividend Option - Direct Plan 10.8501 Monthly Dividend - Direct Plan 11.9058
Monthly Dividend Option - Direct Plan 11.5856 Quarterly Dividend - Direct Plan 11.7330
Growth Option - Direct Plan 19.0880 Annual Dividend - Direct Plan 13.0074
Growth - Direct Plan 20.6993
L&T Low Duration Fund
Option NAV (`) L&T Credit Risk Fund
Dividend Option - Regular Plan 10.3711 Option NAV (`)
Annual Dividend Option - Regular Plan 10.5147 Dividend - Regular Plan 9.8302
Growth Option - Regular Plan 20.7662 Annual Dividend - Regular Plan 10.2382
Dividend Option - Direct Plan 10.8368 Growth - Regular Plan 20.5200
Annual Dividend Option - Direct Plan 10.6881 Bonus - Regular Plan 20.1891
Growth Option - Direct Plan 21.3174 Dividend - Direct Plan 10.2353
Annual Dividend - Direct Plan 10.5889
L&T Flexi Bond Fund
Growth - Direct Plan 21.3114
Option NAV (`)
Dividend Option - Regular Plan 11.4287 L&T Triple Ace Bond Fund
Annual Dividend Option - Regular Plan 11.3286 Option NAV (`)
Growth Option - Regular Plan 22.6732 Quarterly Dividend - Regular Plan 11.8716
Dividend Option - Direct Plan 13.3907 Semi Annual Dividend - Regular Plan 17.1579
Annual Dividend Option - Direct Plan 11.6445 Annual Dividend - Regular Plan 12.0281
Growth Option - Direct Plan 23.7949 Growth Plan - Regular Plan 54.4935
Bonus - Regular Plan 20.6996
L&T Gilt Fund Quarterly Dividend - Direct Plan 12.1779
Option NAV (`) Semi Annual Dividend - Direct Plan 19.9685
Quarterly Dividend - Regular Plan 12.5707 Annual Dividend - Direct Plan 12.0666
Growth - Regular Plan 52.2901 Growth Plan - Direct Plan 57.0518
Quarterly Dividend - Direct Plan 13.6761
Growth - Direct Plan 56.4011

Hybrid Funds (Data as on May 29, 2020)

L&T Balanced Advantage Fund L&T Hybrid Equity Fund
Option NAV (`) Option NAV (`)
Dividend Option - Regular Plan 15.888 Dividend Option - Regular Plan 16.949
Growth Option - Regular Plan 24.315 Annual Dividend - Regular Plan 10.756
Dividend Option - Direct Plan 17.459 Growth Option - Regular Plan 23.262
Growth Option - Direct Plan 26.295 Dividend Option - Direct Plan 19.008

L&T Arbitrage Opportunities Fund Annual Dividend - Direct Plan 11.395

Option NAV (`) Growth Option - Direct Plan 25.071

Monthly Dividend - Regular Plan 10.263 L&T Equity Savings Fund

Quarterly Dividend - Regular Plan 10.789 Option NAV (`)
Growth - Regular Plan 14.626 Monthly Dividend - Regular Plan 10.002
Monthly Dividend - Direct Plan 10.491 Quarterly Dividend - Regular Plan 10.459
Quarterly Dividend - Direct Plan 11.024 Growth Plan - Regular Plan 15.999
Growth - Direct Plan 15.143 Monthly Dividend - Direct Plan 10.858
Quarterly Dividend - Direct Plan 11.158
L&T Conservative Hybrid Fund
Growth Plan - Direct Plan 16.960
Option NAV (`)
Monthly Dividend - Regular Plan 10.4406 L&T Resurgent India Bond Fund
Quarterly Dividend - Regular Plan 10.7027 Option NAV (`)
Growth Plan - Regular Plan 36.1250 Dividend Option - Regular Plan 10.6623
Monthly Dividend - Direct Plan 11.2038 Annual Dividend - Regular Plan 11.0928
Quarterly Dividend - Direct Plan 11.2165 Growth Option - Regular Plan 14.4152
Growth Plan - Direct Plan 37.9918 Dividend Option - Direct Plan 11.1032
Annual Dividend - Direct Plan 11.6101
Growth Option - Direct Plan 15.0982
42
PERFORMANCE OF SCHEMES
Data as on May 29, 2020

PERFORMANCE OF GROWTH OPTION

CAGR Returns (%) (Period) Since Inception
Date of Inception CAGR Returns PTP Returns*
1 year 3 year 5 year
of the Scheme (%) (in `)
Name of the Fund Managers : Mr. Vihang Naik & Mr. Venugopal Manghat (Co-FM)
L&T Equity Fund - Regular Plan (G)€ -19.86 -3.54 1.41 16/May/2005 13.52 67,390.00
S&P BSE-500 TRI -18.88 -0.76 3.75 11.79 53,496.63
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 12.58 59,463.45
L&T Equity Fund - Direct Plan (G)€ -19.33 -2.85 2.14 01/Jan/2013 8.77 18,641.55
S&P BSE-500 TRI -18.88 -0.76 3.75 8.18 17,909.51
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
The respective benchmark performance for the Scheme is calculated using Composite CAGR of: S&P BSE 500 PRI values from 16 May, 2005 to 29 June, 2007 and TRI values from 30 June, 2007
onwards.
L&T Large and Midcap Fund - Regular Plan (G)€ -15.35 -3.59 2.24 22/May/2006 10.45 40,306.00
NIFTY LargeMidcap 250 TRI -19.14 -1.47 4.27 #N/A #N/A
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 9.78 37,033.74
L&T Large and Midcap Fund - Direct Plan (G)€ -14.65 -2.79 3.05 01/Jan/2013 9.64 19,783.14
NIFTY LargeMidcap 250 TRI -19.14 -1.47 4.27 9.41 19,472.78
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
L&T Tax Advantage Fund - Regular Plan (G) -19.48 -3.87 3.25 27/Feb/2006 10.99 44,230.00
S&P BSE-200 TRI -17.86 0.29 4.11 9.67 37,305.23
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 9.76 37,752.94
L&T Tax Advantage Fund - Direct Plan (G) -19.04 -3.23 3.94 01/Jan/2013 9.51 19,603.45
S&P BSE-200 TRI -17.86 0.29 4.11 8.47 18,263.68
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
The respective benchmark performance for the Scheme is calculated using Composite CAGR of: S&P BSE 200 PRI values from 27 Feb, 2006 to 31 July, 2008 and TRI values from 1 Aug, 2008
onwards.
L&T Midcap Fund - Regular Plan (G)§ -17.10 -4.33 5.13 09/Aug/2004 16.42 1,10,700.00
Nifty Midcap 100 TRI -25.18 -7.89 1.28 13.82 77,503.24
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 13.51 74,176.11
L&T Midcap Fund - Direct Plan (G)§ -16.09 -3.33 6.14 01/Jan/2013 14.67 27,583.39
Nifty Midcap 100 TRI -25.18 -7.89 1.28 7.27 16,817.10
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
L&T Focused Equity Fund - Regular Plan (G)§ -11.40 NA NA 05/Nov/2018 -1.51 9,765.00
Nifty 500 TRI -19.17 NA NA -6.75 8,963.77
S&P BSE SENSEX TRI^ -17.36 NA NA -3.68 9,430.65
L&T Focused Equity Fund - Direct Plan (G)§ -10.40 NA NA 05/Nov/2018 -0.42 9,935.00
Nifty 500 TRI -19.17 NA NA -6.75 8,963.77
S&P BSE SENSEX TRI^ -17.36 NA NA -3.68 9,430.65
L&T Balanced Advantage Fund - Regular Plan (G)§ -0.94 3.85 3.62 07/Feb/2011 10.01 24,315.00
Benchmark$ -3.14 4.88 5.93 8.70 21,741.93
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.01 20,491.09
L&T Balanced Advantage Fund - Direct Plan (G)§ 0.27 5.06 4.83 01/Jan/2013 11.13 21,861.49
Benchmark$ -3.14 4.88 5.93 8.12 17,834.41
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
$50% S&P BSE 200 TRI and 50% CRISIL Short Term Bond Fund Index
§
Fund is co-managed by Mr. Praveen Ayathan (Equity Portion) & Mr. Jalpan Shah (Debt Portion).
L&T Emerging Opportunities Fund-I-Regular Plan (D) -15.39 NA NA 20/Feb/2018 -8.18 8,238.00
S&P BSE Small Cap TRI -25.68 NA NA -18.68 6,252.09
S&P BSE Sensex TRI^ -17.36 NA NA -0.52 9,881.55
L&T Emerging Opportunities Fund-I-Direct Plan (D) -14.91 NA NA 20/Feb/2018 -7.46 8,385.00
S&P BSE Small Cap TRI -25.68 NA NA -18.68 6,252.09
S&P BSE Sensex TRI^ -17.36 NA NA -0.52 9,881.55
L&T Emerging Opportunities Fund-II-Regular Plan (D) -11.71 NA NA 27/Jun/2018 -5.58 8,955.00
S&P BSE Small Cap TRI -25.68 NA NA -17.09 6,973.42
S&P BSE Sensex TRI^ -17.36 NA NA -3.15 9,403.87
L&T Emerging Opportunities Fund-II-Direct Plan (D) -11.17 NA NA 27/Jun/2018 -4.82 9,094.00
S&P BSE Small Cap TRI -25.68 NA NA -17.09 6,973.42
S&P BSE Sensex TRI^ -17.36 NA NA -3.15 9,403.87
€
Fund is co-managed by Mr. Alok Ranjan (For investment in foreign securities).
L&T Emerging Opportunities Fund Series - I was launched on 20th Feb 2018, L&T Emerging Opportunities Fund Series - II was launched on 27th Jun 2018 and L&T Focused Equity
Fund was launched on 5th Nov 2018; has not completed 3 years and 5 years of performance.
Name of the Fund Managers : Mr. Venugopal Manghat & Mr. Vihang Naik (Co-FM)
L&T India Large Cap Fund - Regular Plan (G)€ -17.32 -0.74 2.29 23/Oct/2007 6.97 23,386.00
S&P BSE-100 TRI -18.37 0.56 3.97 5.95 20,731.17
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 6.00 20,844.16
L&T India Large Cap Fund - Direct Plan (G)€ -16.61 0.08 3.10 01/Jan/2013 9.08 19,037.23
S&P BSE-100 TRI -18.37 0.56 3.97 8.10 17,814.65
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
Past performance may or may not be sustained in the future. * Point to Point (PTP) Returns in INR show the value of `10,000/- invested ^Standard Benchmark
Note: As per the SEBI standards for performance reporting, the since inception return is calculated on NAV of `10/- invested at inception. CAGR is compounded annualised. Date of inception is
deemed to be date of allotment.
a. Mr. Vihang Naik manage 16 Schemes & Venugopal Manghat manage 17 Schemes respectively.
b. Performance data is as on 29th May 2020.
c. Different plans shall have a different expense structure.
d. The performance details have been provided for Regular and Direct Plan separately.
43
PERFORMANCE OF SCHEMES
Data as on May 29, 2020

PERFORMANCE OF GROWTH OPTION

CAGR Returns (%) (Period) Since Inception
Date of Inception CAGR Returns PTP Returns*
1 year 3 year 5 year
of the Scheme (%) (in `)
L&T India Value Fund - Regular Plan (G)€ -23.12 -5.84 3.37 08/Jan/2010 10.54 28,333.00
S&P BSE-200 TRI -17.86 0.29 4.11 7.44 21,085.98
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 7.59 21,389.79
L&T India Value Fund - Direct Plan (G)€ -22.37 -4.96 4.29 01/Jan/2013 12.86 24,516.65
S&P BSE-200 TRI -17.86 0.29 4.11 8.47 18,263.68
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
L&T Business Cycles Fund - Regular Plan (G)€ -27.34 -8.69 -1.01 20/Aug/2014 2.69 11,657.00
S&P BSE 200 TRI -17.86 0.29 4.11 5.37 13,525.45
S&P BSE Sensex TRI ^
-17.36 2.64 4.48 4.97 13,234.07
L&T Business Cycles Fund - Direct Plan (G)€ -26.68 -7.97 -0.30 20/Aug/2014 3.42 12,147.00
S&P BSE 200 TRI -17.86 0.29 4.11 5.37 13,525.45
S&P BSE Sensex TRI^ -17.36 2.64 4.48 4.97 13,234.07
€
Fund is co-managed by Mr. Alok Ranjan (for investments in foreign securities).
L&T Conservative Hybrid Fund - Regular Plan (G)¥ 2.08 4.21 5.51 31/Jul/2003 7.92 36,125.00
CRISIL Hybrid 85+15 - Conservative Index 8.68 7.71 8.65 8.58 39,992.95
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 6.22 27,611.61
L&T Conservative Hybrid Fund - Direct Plan (G)¥ 2.64 4.91 6.23 01/Jan/2013 7.38 16,944.66
CRISIL Hybrid 85+15 - Conservative Index 8.68 7.71 8.65 9.21 19,217.92
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 7.77 17,409.36
¥
Fund is co-managed by Mr. Jalpan Shah (Debt Portion).
L&T Equity Savings Fund - Regular Plan (G)£ -11.69 -0.50 2.26 18/Oct/2011 5.60 15,999.00
NIFTY Equity Savings Index -0.99 5.42 6.32 8.63 20,417.05
CRISIL 10 Yr Gilt Index^ 13.02 7.38 8.29 8.18 19,687.03
L&T Equity Savings Fund - Direct Plan (G)£ -10.86 0.34 3.12 01/Jan/2013 5.91 15,309.21
NIFTY Equity Savings Index -0.99 5.42 6.32 8.10 17,808.13
CRISIL 10 Yr Gilt Index^ 13.02 7.38 8.29 7.77 17,409.36
£
Fund is co-managed by Mr. Praveen Ayathan (Equity Portion) & Jalpan Shah (Debt Portion).
L&T Emerging Businesses Fund - Regular Plan (G)€ -32.26 -10.84 2.89 12/May/2014 8.64 16,514.00
S&P BSE Small Cap TRI -25.68 -9.40 0.25 7.08 15,126.93
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 6.88 14,956.26
L&T Emerging Businesses Fund - Direct Plan (G)€ -31.48 -9.93 3.81 12/May/2014 9.57 17,390.00
S&P BSE Small Cap TRI -25.68 -9.40 0.25 7.08 15,126.93
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 6.88 14,956.26
L&T Infrastructure Fund - Regular Plan (G) -29.87 -8.83 1.02 27/Sep/2007 1.13 11,530.00
Nifty Infrastructure TRI -13.09 -2.17 -0.86 -2.35 7,401.23
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.37 27,706.05
L&T Infrastructure Fund - Direct Plan (G) -29.13 -7.92 1.97 01/Jan/2013 8.56 18,380.81
Nifty Infrastructure TRI -13.09 -2.17 -0.86 2.71 12,187.87
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
L&T Hybrid Equity Fund - Regular Plan (G)¥ -13.13 -1.64 3.72 07/Feb/2011 9.49 23,262.00
CRISIL Hybrid 35+65 - Aggressive Index -6.67 3.81 6.36 8.85 22,022.11
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.01 20,491.09
L&T Hybrid Equity Fund - Direct Plan (G)¥ -12.20 -0.60 4.83 01/Jan/2013 11.04 21,730.95
CRISIL Hybrid 35+65 - Aggressive Index -6.67 3.81 6.36 9.12 19,089.90
S&P BSE SENSEX TRI^ -17.36 2.64 4.48 8.50 18,303.74
€
Fund is co-managed by Mr. Alok Ranjan (for investments in Foreign Securities). ¥Fund is co-managed by Mr. Shriram Ramanathan (Debt Portion) .
Name of the Fund Manager : Mr. Venugopal Manghat
L&T Arbitrage Opportunities Fund - Regular Plan (G)§ 6.44 6.28 6.31 30/Jun/2014 6.64 14,626.00
Nifty 50 Arbitrage Index 5.04 5.26 5.53 5.98 14,102.95
CRISIL 1 Yr T-Bill Index^ 8.01 7.24 7.21 7.43 15,281.58
L&T Arbitrage Opportunities Fund - Direct Plan (G)§ 6.97 6.88 6.94 30/Jun/2014 7.26 15,143.00
Nifty 50 Arbitrage Index 5.04 5.26 5.53 5.98 14,102.95
CRISIL 1 Yr T-Bill Index^ 8.01 7.24 7.21 7.43 15,281.58
§
Fund is co-managed by Mr. Praveen Ayathan, Mr. Alok Ranjan (For investments in foreign securities.) & Jalpan Shah (Debt Portion).

Past performance may or may not be sustained in the future. * Point to Point (PTP) Returns in INR show the value of `10,000/- invested ^Standard Benchmark
Note: As per the SEBI standards for performance reporting, the since inception return is calculated on NAV of `10/- invested at inception. CAGR is compounded annualised. Date of
inception is deemed to be date of allotment.
a. Mr. Venugopal Manghat manages 17 Schemes, Mr. Vihang Naik manages 16 Schemes & Mr. Praveen Ayathan manages 5 Schemes respectively.
b. Performance data is as on 29th May 2020.
c. Different plans shall have a different expense structure.
d. The performance details have been provided for Regular and Direct Plan separately.

44
PERFORMANCE OF SCHEMES
Data as on May 29, 2020

PERFORMANCE OF GROWTH OPTION

CAGR Returns (%) (Period) Since Inception
Date of Inception CAGR Returns PTP Returns*
1 year 3 year 5 year
of the Scheme (%) (in `)
Name of the Fund Manager : Mr. Shriram Ramanathan & Mr. Jalpan Shah (Co-FM)
L&T Short Term Bond Fund - Regular Plan (G)¥ 10.51 8.15 8.08 27/Dec/2011 8.58 20,007.90
NIFTY Short Duration Debt Index 9.79 8.03 8.18 8.75 20,275.39
CRISIL 1 Yr T-Bill Index^ 8.03 7.24 7.21 7.38 18,217.10
L&T Short Term Bond Fund - Direct Plan (G)¥ 11.04 8.70 8.62 01/Jan/2013 8.89 18,800.62
NIFTY Short Duration Debt Index 9.79 8.03 8.18 8.51 18,322.99
CRISIL 1 Yr T-Bill Index^ 8.03 7.24 7.21 7.28 16,835.33
L&T Credit Risk Fund - Regular Plan (G)€ -3.30 2.82 5.40 08/Oct/2009 6.98 20,520.00
CRISIL Composite Credit Risk Index 9.37 7.26 8.74 9.24 25,613.12
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 7.12 20,805.50
L&T Credit Risk Fund - Direct Plan (G)€ -2.61 3.48 6.05 01/Jan/2013 7.05 16,564.89
CRISIL Composite Credit Risk Index 9.37 7.26 8.74 9.30 19,324.17
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 7.77 17,409.36
L&T Resurgent India Bond Fund - Regular Plan (G)€ 4.71 5.14 6.98 02/Feb/2015 7.11 14,415.20
CRISIL Medium Term Debt Index 12.47 8.54 9.05 8.99 15,812.25
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 8.07 15,114.53
L&T Resurgent India Bond Fund - Direct Plan (G)€ 5.64 6.07 7.92 02/Feb/2015 8.05 15,098.20
CRISIL Medium Term Debt Index 12.47 8.54 9.05 8.99 15,812.25
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 8.07 15,114.53
L&T Triple Ace Bond Fund - Regular Plan (G)§ 14.55 9.53 8.30 31/Mar/1997 7.59 54,493.50
CRISIL Corporate Bond Composite Index 11.61 8.18 8.90 NA NA
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 NA NA
L&T Triple Ace Bond Fund - Direct Plan (G)§ 14.93 9.85 8.97 01/Jan/2013 8.73 18,599.82
CRISIL Corporate Bond Composite Index 11.61 8.18 8.90 9.14 19,121.60
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 7.77 17,409.36
L&T Flexi Bond Fund - Regular Plan (G)§ 11.54 8.06 8.57 27/Sep/2010 8.83 22,673.20
CRISIL Dynamic Debt Index 12.93 8.40 8.97 8.94 22,899.44
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 7.45 20,040.89
L&T Flexi Bond Fund - Direct Plan (G)§ 12.31 8.92 9.41 01/Jan/2013 9.59 19,718.33
CRISIL Dynamic Debt Index 12.93 8.40 8.97 9.04 18,986.24
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 7.77 17,409.36
Simple Annualisation CAGR Returns (%) (Period) Since Inception
Date of Inception CAGR Returns PTP Returns*
7 days 15 days 30 days 1 year 3 year 5 year
of the Scheme (%) (in `)
Name of the Fund Manager : Mr. Shriram Ramanathan & Mr. Jalpan Shah (Co-FM)
L&T Liquid Fund - Regular Plan (G)¥* 2.88 3.90 4.66 5.75 6.71 7.04 03/Oct/2006 7.63 27,327.78
NIFTY Liquid Index 2.45 4.30 4.94 5.65 6.58 6.88 7.76 27,766.60
CRISIL 1 Yr T-Bill Index^ 4.50 10.54 5.05 8.01 7.24 7.21 6.54 23,768.37
L&T Liquid Fund - Direct Plan (G) ¥*
2.93 3.95 4.71 5.80 6.76 7.11 31/Dec/2012 7.76 17,415.59
NIFTY Liquid Index 2.45 4.30 4.94 5.65 6.58 6.88 7.60 17,214.54
CRISIL 1 Yr T-Bill Index^ 4.50 10.54 5.05 8.01 7.24 7.21 7.28 16,845.64
L&T Low Duration Fund - Regular Plan (G)€ 7.22 18.11 13.51 2.38 5.59 7.17 04/Dec/2010 8.00 20,766.20
NIFTY Low Duration Debt Index -0.77 15.30 14.22 7.85 7.55 7.75 8.43 21,562.40
CRISIL 1 Yr T-Bill Index^ 4.51 10.82 5.04 8.03 7.24 7.21 7.25 19,438.22
L&T Low Duration Fund - Direct Plan (G) €
7.69 18.60 14.01 2.90 6.08 7.60 01/Jan/2013 8.10 17,812.74
NIFTY Low Duration Debt Index -0.77 15.30 14.22 7.85 7.55 7.75 8.18 17,908.37
CRISIL 1 Yr T-Bill Index^ 4.51 10.82 5.04 8.03 7.24 7.21 7.28 16,835.33
Name of the Fund Manager : Mr. Jalpan Shah & Mr. Shriram Ramanathan (Co-FM)
L&T Ultra Short Term Fund - Regular Plan (G)¥ 4.09 13.30 12.72 7.39 7.33 7.64 27/Nov/1997 8.08 57,483.36
NIFTY Ultra Short Duration Debt Index 2.14 9.14 8.91 7.32 7.60 7.72 NA NA
CRISIL 1 Yr T-Bill Index^ 4.51 10.82 5.04 8.03 7.24 7.21 6.70 43,052.69
L&T Ultra Short Term Fund - Institutional Plan (G)¥ 4.09 13.30 12.72 7.39 7.33 7.64 10/Apr/2003 7.47 34,406.21
NIFTY Ultra Short Duration Debt Index 2.14 9.14 8.91 7.32 7.60 7.72 7.91 36,903.65
CRISIL 1 Yr T-Bill Index^ 4.51 10.82 5.04 8.03 7.24 7.21 6.15 27,831.02
L&T Ultra Short Term Fund - Direct Plan (G) ¥
4.38 13.60 13.02 7.72 7.68 8.00 01/Jan/2013 8.48 18,282.65
NIFTY Ultra Short Duration Debt Index 2.14 9.14 8.91 7.32 7.60 7.72 8.25 17,995.42
CRISIL 1 Yr T-Bill Index^ 4.51 10.82 5.04 8.03 7.24 7.21 7.28 16,835.33
L&T Money Market Fund - Regular Plan (G)¥ 1.76 12.27 12.37 8.66 7.67 8.06 10/Aug/2005 7.77 30,296.10
NIFTY Money Market Index 0.15 8.19 8.12 6.66 7.05 7.31 7.98 31,156.57
CRISIL 1 Yr T-Bill Index^ 4.51 10.82 5.04 8.03 7.24 7.21 6.41 25,083.16
L&T Money Market Fund - Direct Plan (G) ¥
2.23 12.76 12.86 9.17 8.20 8.59 01/Jan/2013 8.66 18,507.70
NIFTY Money Market Index 0.15 8.19 8.12 6.66 7.05 7.31 7.91 17,574.11
CRISIL 1 Yr T-Bill Index^ 4.51 10.82 5.04 8.03 7.24 7.21 7.28 16,835.33
L&T Overnight Fund - Regular Plan (G)€ 2.79 2.79 2.90 4.06 5.01 5.56 27/Nov/2006 6.97 24,877.10
CRISIL Overnight Index 2.97 2.91 2.99 4.72 5.67 6.04 6.41 23,166.04
CRISIL 1 Yr T-Bill Index^ 4.50 10.54 5.05 8.01 7.24 7.21 6.56 23,590.75
L&T Overnight Fund - Direct Plan (G)€ 2.89 2.89 3.00 4.72 5.78 6.37 01/Jan/2013 7.16 16,703.67
CRISIL Overnight Index 2.97 2.91 2.99 4.72 5.67 6.04 6.77 16,257.92
CRISIL 1 Yr T-Bill Index^ 4.50 10.54 5.05 8.01 7.24 7.21 7.28 16,838.37
Past performance may or may not be sustained in the future. * Point to Point (PTP) Returns in INR show the value of `10,000/- invested ^Standard Benchmark
Note: As per the SEBI standards for performance reporting, the since inception return is calculated on NAV of `10/- invested at inception. CAGR is compounded annualised. Date of inception is
deemed to be date of allotment.
a. Mr. Shriram Ramanathan manages 14 Schemes and Mr. Jalpan Shah manages 17 Schemes.
b. Performance data is as on 29th May 2020.
c. Performance data for L&T Liquid Fund and L&T Overnight Fund is as on 31st May 2020.
d. Different plans shall have a different expense structure.
e. The performance details have been provided for Regular and Direct Plan separately.
45
PERFORMANCE OF SCHEMES
Data as on May 29, 2020

PERFORMANCE OF GROWTH OPTION

CAGR Returns (%) (Period) Since Inception
Date of Inception CAGR Returns PTP Returns*
1 year 3 year 5 year
of the Scheme (%) (in `)
Name of the Fund Manager : Mr. Jalpan Shah & Mr. Shriram Ramanathan (Co-FM)
L&T Gilt Fund - Regular Plan (G) 11.66 7.30 8.36 29/Mar/2000 8.54 52,290.10
CRISIL Dynamic Gilt Index 13.61 8.55 9.00 9.06 57,565.67
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 NA NA
L&T Gilt Fund - Direct Plan (G) 13.06 8.73 9.78 01/Jan/2013 10.67 21,192.11
CRISIL Dynamic Gilt Index 13.61 8.55 9.00 8.83 18,723.67
CRISIL 10 Yr Gilt Index^ 13.06 7.38 8.29 7.77 17,409.36
L&T Banking and PSU Debt Fund - Regular Plan (G) 11.27 8.19 8.23 12/Sep/2012 8.28 18,478.30
NIFTY Banking & PSU Debt Index 11.12 8.00 8.13 8.56 18,858.57
CRISIL 1 Yr T-Bill Index^ 8.03 7.24 7.21 7.30 17,229.26
L&T Banking and PSU Debt Fund - Direct Plan (G) 11.71 8.65 8.74 01/Jan/2013 8.75 18,618.44
NIFTY Banking & PSU Debt Index 11.12 8.00 8.13 8.50 18,303.28
CRISIL 1 Yr T-Bill Index^ 8.03 7.24 7.21 7.28 16,835.33
L&T FMP - XVI - Plan A - (1100D) - Regular Plan (G) 9.22 NA NA 22/Dec/2017 8.11 12,091.60
CRISIL Composite Bond Fund Index 13.07 NA NA 9.57 12,492.40
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 9.46 12,461.94
L&T FMP - XVI - Plan A - (1100D) - Direct Plan (G) 9.39 NA NA 22/Dec/2017 8.29 12,139.50
CRISIL Composite Bond Fund Index 13.07 NA NA 9.57 12,492.40
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 9.46 12,461.94
L&T FMP - XVII - Plan B - (1452D) - Regular Plan (G) 10.15 NA NA 28/Jun/2018 10.10 12,028.70
CRISIL Composite Bond Fund Index 13.07 NA NA 12.28 12,490.32
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 13.23 12,694.94
L&T FMP - XVII - Plan B - (1452D) - Direct Plan (G) 10.45 NA NA 28/Jun/2018 10.41 12,095.70
CRISIL Composite Bond Fund Index 13.07 NA NA 12.28 12,490.32
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 13.23 12,694.94
L&T FMP - XVII - Scheme C - (1114D) - Regular Plan (G) 9.60 NA NA 11/Sep/2018 10.24 11,820.40
CRISIL Composite Bond Fund Index 13.07 NA NA 13.56 12,437.18
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 14.96 12,701.47
L&T FMP - XVII - Scheme C - (1114D) - Direct Plan (G) 9.93 NA NA 11/Sep/2018 10.59 11,884.70
CRISIL Composite Bond Fund Index 13.07 NA NA 13.56 12,437.18
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 14.96 12,701.47
L&T FMP - XVIII - Scheme A - (1104D) - Regular Plan (G) 9.60 NA NA 28/Sep/2018 10.21 11,760.20
CRISIL Composite Bond Fund Index 13.07 NA NA 13.63 12,376.81
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 14.45 12,524.81
L&T FMP - XVIII - Scheme A - (1104D) - Direct Plan (G) 9.93 NA NA 28/Sep/2018 10.55 11,822.20
CRISIL Composite Bond Fund Index 13.07 NA NA 13.63 12,376.81
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 14.45 12,524.81
L&T FMP - XVIII - Scheme B - (1229D) - Regular Plan (G) 10.37 NA NA 30/Nov/2018 11.03 11,694.90
CRISIL Composite Bond Fund Index 13.07 NA NA 12.94 11,996.52
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 13.17 12,033.20
L&T FMP - XVIII - Scheme B - (1229D) - Direct Plan (G) 10.65 NA NA 30/Nov/2018 11.31 11,738.70
CRISIL Composite Bond Fund Index 13.07 NA NA 12.94 11,996.52
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 13.17 12,033.20
L&T FMP - XVIII - Scheme C - (1178D) - Regular Plan (G) 9.57 NA NA 18/Feb/2019 9.70 11,254.80
CRISIL Composite Bond Fund Index 13.07 NA NA 13.75 11,787.27
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 14.03 11,824.51
L&T FMP - XVIII - Scheme C - (1178D) - Direct Plan (G) 9.81 NA NA 18/Feb/2019 9.95 11,287.70
CRISIL Composite Bond Fund Index 13.07 NA NA 13.75 11,787.27
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 14.03 11,824.51
L&T FMP - XVIII - Scheme D - (1155D) - Regular Plan (G) 10.38 NA NA 12/Feb/2019 10.95 11,438.80
CRISIL Composite Bond Fund Index 13.07 NA NA 13.57 11,788.46
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 13.68 11,803.97
L&T FMP - XVIII - Scheme D - (1155D) - Direct Plan (G) 10.55 NA NA 12/Feb/2019 11.12 11,461.00
CRISIL Composite Bond Fund Index 13.07 NA NA 13.57 11,788.46
CRISIL 10 Yr Gilt Index^ 13.06 NA NA 13.68 11,803.97
Past performance may or may not be sustained in the future. * Point to Point (PTP) Returns in INR show the value of `10,000/- invested ^Standard Benchmark
Note: As per the SEBI standards for performance reporting, the since inception return is calculated on NAV of `10/- invested at inception. CAGR is compounded annualised. Date of inception is deemed to be date of allotment.
a. Mr. Shriram Ramanathan manages 14 Schemes and Mr. Jalpan Shah manages 17 Schemes.
b. Performance data is as on 29th May 2020.
c. Different plans shall have a different expense structure.
d. The performance details have been provided for Regular and Direct Plan separately.
Common to all Schemes: Performance of the schemes (wherever provided) are calculated basis CAGR for the past 1 year, 3 years, 5 years and since inception. In case, the start/end date of the concerned period
is a non - business day (NBD), the NAV of the previous date is considered for computation of returns.

46
MINIMUM INVESTMENT AMOUNT DETAILS
Data as on May 29, 2020

Minimum Application size

Fund Name Additional Investment Minimum Redemption Size
(Initial)
L&T Equity Fund `5,000 per application `1,000 per application `500 or 50 units
`500 per application and in multiples `500 per applicationb and in
L&T Tax Advantage Fund `500 or 50 units
of `500 thereafter multiples of `500 thereafter
L&T Large and Midcap Fund `5,000 per application `1,000 per application `500 or 50 units

L&T India Large Cap Fund `5,000 per application `1,000 per application `500 or 50 units

L&T India Value Fund `5,000 per application `1,000 per application `500 or 50 units
`5,000 per application and in `1,000 per application and in
L&T Midcap Fund `500 or 50 units
multiples of `1 thereafter multiples of `1 thereafter
`5,000 per application and in `1,000 per application and in
L&T Infrastructure Fund `500 or 50 units
multiples of `1 thereafter multiples of `1 thereafter
L&T Emerging Businesses Fund `5,000 per application `1,000 per application `500 or 50 units
`5,000 per application and in `1,000 per application and in
L&T Business Cycles Fund `500 or 50 units
multiples of `1 thereafter multiples of `1 thereafter
`5,000 per application and in `1,000 per application and in
L&T Focused Equity Fund `500 or 50 units
multiples of `1 thereafter multiples of `1 thereafter
`5,000 per application and in `1,000 per application and in
L&T Nifty 50 Index Fund `500 or 50 units
multiples of `1 thereafter multiples of `1 thereafter
`5,000 per application and in `1,000 per application and in
L&T Nifty Next 50 Index Fund `500 or 50 units
multiples of `1 thereafter multiples of `1 thereafter
L&T Balanced Advantage Fund `5,000 per application `1,000 per application `500 or 50 units

L&T Hybrid Equity Fund `5,000 per application `1,000 per application `500 or 50 units
`5,000 per application and in `1,000 per application and in `500 or 50 units or account balance,
L&T Arbitrage Opportunities Fund
multiples of `1 thereafter multiples of `1 thereafter whichever is lower.
`5,000 per application and in `1,000 per application and in
L&T Equity Savings Fund `500 or 50 units
multiples of `1 thereafter multiples of `1 thereafter
Growth and Dividend: `10,000 per
application and in multiples of `1
`1,000 per application and
L&T Overnight Fund thereafter. In case of Daily Dividend `1000 or 1 unit
thereafter in multiples of `1
Option, `1,00,000 and in
multiples of `1 thereafter.
Weekly Dividend and Growth:
`10,000 per application and in Regular Plan : `1000/- per
multiples of `1 thereafter `1,000 per application and in application or 1 unit
L&T Liquid Fund
Daily Dividend Reinvestment Plan multiples of `1 thereafter Weekly Dividend/ Growth/ DDRIP:
(“DDRIP”): `1,00,000 per application `1000 per application or 1 unit
and in multiples of `1 thereafter
Growth/Weekly Dividend/Monthly
Regular Plan: `500/- per application or
Dividend/Semi-Annual Dividend:
50 units
`10,000 per application and in multiples
`1,000 per application and in multiples Weekly Dividend/Monthly Dividend/
L&T Ultra Short Term Fund of `1 thereafter; Daily
of `1 thereafter Semi Annual Dividend/ Growth/
Dividend Reinvestment Plan:
Bonus DDRIP: `500 per application or
`1,00,000 per application and in
50 Units
multiples of `1 thereafter.
`10,000 per application and in multiples `1,000 per application and in multiples
L&T Money Market Fund `500 or 50 units
of `1 thereafter of `1 thereafter
`1,000 per application and thereafter
L&T Banking and PSU Debt Fund `10,000 per application `500 or 50 units
in multiples of `1
`10,000 per application and in multiples `1,000 per application and
L&T Short Term Bond Fund `500 or 50 units
of `1 thereafter in multiples of `1 thereafter
L&T Low Duration Fund `10,000 per application `1,000 per application `500 or 50 units
Retail Option : `500/- per application or
`10,000 per application and in multiples `1,000 per application and in multiples
L&T Credit Risk Fund 50 units Dividend/ Growth/
of `1 thereafter. of `1 thereafter.
Bonus: `500 per application or 50 units
`1,000 per application and thereafter in
L&T Flexi Bond Fund `10,000 per application `500 or 50 units
multiples of `1
`10,000 per application and in multiples `1,000 per application and in multiples of
L&T Triple Ace Bond Fund `500 or 50 units
of `1 thereafter `1 thereafter
`10,000 per application and in multiples `1,000 per application and in multiples of
L&T Gilt Fund `500 or 50 units
of `1 thereafter `1 thereafter
`10,000 per application and in multiples `1,000 per application and in multiples of
L&T Conservative Hybrid Fund `500 or 50 units
of `1 thereafter `1 thereafter
`5,000 per application and in multiples `1,000 per application and in multiples of
L&T Resurgent India Bond Fund `500 or 50 units
of `1 thereafter `1 thereafter

47
TOTAL EXPENSE RATIO+
Data as on May 29, 2020

Fund Name Regular Direct

L&T Equity Fund 2.18% 1.42%

L&T Tax Advantage Fund 2.08% 1.45%

L&T Large and Midcap Fund 2.34% 1.42%

L&T India Large Cap Fund 2.63% 1.65%

L&T India Value Fund 1.94% 0.94%

L&T Midcap Fund 1.97% 0.73%

L&T Infrastructure Fund 2.33% 1.24%

L&T Emerging Businesses Fund 2.08% 0.94%

L&T Business Cycles Fund 2.58% 1.61%

L&T Focused Equity Fund 2.51% 1.36%

L&T Nifty 50 Index Fund 0.69% 0.24%

L&T Nifty Next 50 Index Fund 0.66% 0.21%

L&T Balanced Advantage Fund 2.44% 1.16%

L&T Hybrid Equity Fund 1.89% 0.89%

L&T Arbitrage Opportunities Fund 0.96% 0.46%

L&T Equity Savings Fund 1.60% 0.64%

L&T Overnight Fund 0.20% 0.10%

L&T Liquid Fund 0.20% 0.15%

L&T Ultra Short Term Fund 0.53% 0.23%

L&T Money Market Fund 0.73% 0.25%

L&T Banking and PSU Debt Fund 0.61% 0.21%

L&T Short Term Bond Fund 0.75% 0.25%

L&T Low Duration Fund 0.96% 0.46%

L&T Credit Risk Fund 1.68% 0.89%

L&T Flexi Bond Fund 1.62% 0.96%

L&T Triple Ace Bond Fund 0.61% 0.29%

L&T Gilt Fund 1.78% 0.58%

L&T Conservative Hybrid Fund 2.29% 1.74%

L&T Resurgent India Bond Fund 1.50% 0.60%

- Including Additional Expenses in terms of Reg 52(6A)(c), B30 charges in terms of Reg 52(6A)(b) and GST on Management Fees.
- Total Expense Ratio is as on the last business day of the month
+
Effective April 01, 2019 Total Expense Ratio (TER) stands revised. For the actual current expenses charged to the scheme, please refer the website of the Mutual Fund - www.ltfs.com

48
DIVIDEND HISTORY FOR EQUITY SCHEMES
Data as on May 29, 2020

L&T Equity Fund L&T Balanced Advantage Fund (Formerly known as

Record Date NAV as on date o
 f declaration (`) Quantum of Dividend(`) L&T Dynamic Equity Fund)
Per Unit
Record Date NAV as on date of Quantum of Dividend
Regular Plan Dividend
22-Jan-2016 28.206 2.0000 declaration (`) (`) Per Unit
12-Jan-2017 29.302 2.2500 Regular Plan Dividend
19-Jan-2018 36.698 2.5000 23-Mar-2020 15.182 0.0000
24-Jan-2019 31.507 2.5000 23-Apr-2020 15.442 0.1000
24-Jan-2020 31.507 2.5000 26-May-2020 15.267 0.1000
Direct Plan Dividend
19-Jan-2018 40.662 2.5000 Direct Plan Dividend
24-Jan-2019 35.423 2.5000 23-Mar-2020 16.640 0.0000
24-Jan-2020 36.035 2.8500 23-Apr-2020 16.944 0.1100
L&T Tax Advantage Fund 26-May-2020 16.772 0.1100
Record Date NAV as on date of Quantum of Dividend
declaration (`) (`) Per Unit L&T Hybrid Equity Fund
Regular Plan Dividend Record Date NAV as on date of Quantum of Dividend
16-Mar-2018 24.763 1.2000 declaration (`) (`) Per Unit
22-Nov-2018 23.090 1.0000
22-Mar-2019 21.903 1.0000 Regular Plan Dividend
26-Nov-2019 21.578 0.7500 24-Sep-2018 19.675 0.1200
20-Mar-2020 17.780 0.8000 27-Dec-2018 18.975 0.0600
Direct Plan Dividend 23-Apr-2019 19.308 0.0900
22-Mar-2019 26.510 1.2000 01-July-2019 19.295 0.0900
26-Nov-2019 26.217 0.9000 Direct Plan Dividend
20-Mar-2020 21.649 0.9000
24-Sep-2018 21.735 0.1200
10-Dec-2018 20.823 0.1200
L&T Large and Midcap Fund
23-Apr-2019 21.411 0.1200
Record Date NAV as on date of Quantum of Dividend 01-July-2019 21.414 0.1200
declaration (`) (`) Per Unit Record Date NAV as on date of Quantum of Dividend
Regular Plan Dividend declaration (`) (`) Per Unit
23-Mar-2020 19.873 0.1700 Regular Plan - Annual Dividend
23-Apr-2020 19.015 0.1300
26-May-2020 18.980 0.1300 23-Mar-2018 13.490 0.9000
Direct Plan Dividend 22-Mar-2019 12.642 0.6198
23-Mar-2020 22.222 0.0000 20-Mar-2020 11.080 0.0000
23-Apr-2020 21.496 0.1500 Direct Plan - Annual Dividend
26-May-2020 21.470 0.1500 23-Mar-2018 13.952 0.9000
L&T India Large Cap Fund 22-Mar-2019 13.242 0.6641
Record Date NAV as on date of Quantum of Dividend 20-Mar-2020 11.710 0.0000
declaration (`) (`) Per Unit
Regular Plan Dividend L&T Arbitrage Opportunities Fund
22-Jun-2018 29.428 2.4000
21-Dec-2018 17.075 1.3000 Record Date NAV as on Record Quantum of Dividend
23-Dec-2019 17.752 1.3000 Date (`) (`) Per Unit
Direct Plan Dividend Regular Plan - Monthly Dividend
22-Jun-2018 31.729 2.0000 29-Nov-2019 10.210 0.0443*
21-Dec-2018 18.333 1.4000 27-Dec-2019 10.184 0.0443*
23-Dec-2019 19.214 1.4000 31-Jan-2020 10.201 0.0443*
L&T India Value Fund 28-Feb-2020 10.229 0.0443*
Record Date NAV as on date of Quantum of Dividend 27-Mar-2020 10.197 0.0443*
declaration (`) (`) Per Unit 04-May-2020 10.225 0.0500
29-May-2020 10.263 0.0500
Regular Plan Dividend Direct Plan - Monthly Dividend
21-Jun-2016 21.768 1.5000 29-Nov-2019 10.406 0.0443*
15-Jun-2017 27.613 1.7500 27-Dec-2019 10.384 0.0443*
21-Jun-2018 27.372 1.7500 31-Jan-2020 10.407 0.0443*
Direct Plan Dividend 28-Feb-2020 10.441 0.0443*
21-Jun-2016 22.379 1.4000 27-Mar-2020 10.413 0.0443*
15-Jun-2017 29.698 1.5000 04-May-2020 10.448 0.0500
21-Jun-2018 30.105 1.4000 29-May-2020 10.491 0.0500
L&T Midcap Fund Record Date NAV as on date of Quantum of Dividend
Record Date NAV as on date of Quantum of Dividend declaration (`) (`) Per Unit
declaration (`) (`) Per Unit
Regular Plan - Quarterly Dividend
Regular Plan Dividend 24-Sep-2019 10.745 0.1500
19-Aug-2015 40.510 3.0000 27-Dec-2019 10.746 0.1500
18-Aug-2016 39.950 3.5000 20-Mar-2020 10.763 0.1500
10-Aug-2017 50.380 4.0000 Direct Plan - Quarterly Dividend
17-Aug-2018 48.880 4.0000 24-Sep-2019 10.930 0.1500
23-Aug-2019 38.240 3.2500 27-Dec-2019 10.949 0.1500
Direct Plan Dividend 20-Mar-2020 10.981 0.1500
10-Aug-2017 52.420 4.0000
17-Aug-2018 51.500 4.0000
23-Aug-2019 40.930 3.5000 L&T Equity Savings Fund
L&T Emerging Businesses Fund Record Date NAV as on date of Quantum of Dividend
Record Date NAV as on date of Quantum of Dividend
declaration (`) (`) Per Unit
declaration (`) (`) Per Unit Regular Plan - Monthly Dividend
Regular Plan Dividend 25-Mar-2020 9.527 0.0000
12-Oct-2017 23.181 2.0000 27-Apr-2020 9.872 0.0000
26-Oct-2018 20.289 1.5000 26-May-2020 9.793 0.0000
23-Oct-2019 17.110 1.2000 Direct Plan - Monthly Dividend
Direct Plan Dividend 25-Mar-2020 10.325 0.0000
12-Oct-2017 23.781 2.0000 27-Apr-2020 10.708 0.0000
26-Oct-2018 21.044 1.6000
26-May-2020 10.631 0.0000
23-Oct-2019 17.912 1.0000
Record Date NAV as on date  Quantum of Dividend
L&T Business Cycles Fund of declaration (`) (`) Per Unit
Record Date NAV as on date o f Quantum of Dividend Regular Plan - Quarterly Dividend
declaration (`) (`) Per Unit 24-Sep-2019 11.123 0.0000
Regular Plan Dividend 27-Dec-2019 11.669 0.0000
14-Jul-2017 15.408 1.0000 20-Mar-2019 10.858 0.0000
20-Jul-2018 14.520 0.9000 Direct Plan - Quarterly Dividend
03-Oct-2019 13.452 0.7000
24-Sep-2019 11.932 0.0000
Direct Plan Dividend
14-Jul-2017 15.697 1.0000 27-Dec-2019 12.548 0.0000
20-Jul-2018 14.911 0.9000 20-Mar-2019 11.561 0.0000
03-Oct-2019 13.974 0.9000
Pursuant to payment of dividend, NAV per unit of the dividend options of the aforesaid schemes will fall to the extent of the payment and statutory levy (if applicable). Face value `10/-.
Past performance of the aforesaid schemes may or may not be sustained in future.
*Please note that the dividend rates mentioned are post applicable dividend distribution tax deduction.
49
DIVIDEND HISTORY FOR DEBT SCHEMES
Data as on May 29, 2020

L&T Overnight Fund* L&T Ultra Short Term Fund

Record Date NAV as on Record Quantum of Dividend Quantum of Dividend Record Date NAV as on Record Quantum of Dividend Quantum of Dividend
Date (`) (Corporate) (Non-Corporate) Date (`) (Corporate) (Non-Corporate)
(`) Per Unit (`) Per Unit (`) Per Unit (`) Per Unit
Regular Plan - Monthly Dividend Monthly Dividend
26-May-20 1,002.70 2.0000 2.0000 26-May-20 12.9356 0.0800 0.0800
27-Apr-20 12.8845 0.0800 0.0800
27-Apr-20 1,005.37 5.0000 5.0000
26-Mar-20 12.7358 0.0534 0.0576
25-Mar-20 1,008.37 3.3351 3.6016
Direct Plan - Monthly Dividend
Direct Plan - Monthly Dividend
26-May-20 13.2023 0.0800 0.0800
26-May-20 1,056.25 2.1000 2.1000 27-Apr-20 13.1453 0.0800 0.0800
27-Apr-20 1,058.71 5.0000 5.0000 26-Mar-20 12.9883 0.0534 0.0576
25-Mar-20 1,061.26 3.3351 3.6016 Semi Annual Dividend
20-Mar-20 24.5802 0.0000 0.0000
L&T Money Market Fund 24-Sep-19 23.9194 0.0000 0.0000
Record Date NAV as on Record Quantum of Dividend Quantum of Dividend 22-Mar-19 22.9851 0.0000 0.0000
Date (`) (Corporate) (Non-Corporate) Direct Plan - Semi Annual Dividend
(`) Per Unit (`) Per Unit 16-Mar-16 10.4889 0.1338 0.1445
Regular - Monthly Dividend
L&T Banking and PSU Debt Fund
26-May-20 11.6958 0.0700 0.0700
Record Date NAV as on Record Quantum of Dividend Quantum of Dividend
27-Apr-20 11.6483 0.0700 0.0700 Date (`) (Corporate) (Non-Corporate)
26-Mar-20 11.4992 0.0467 0.0504 (`) Per Unit (`) Per Unit
Direct Plan - Monthly Dividend Regular Plan - Monthly Dividend
26-May-20 12.1564 0.0700 0.0700 26-May-20 11.2976 0.0500 0.0500
27-Apr-20 12.0998 0.0700 0.0700 27-Apr-20 11.0601 0.0500 0.0500
26-Mar-20 11.9369 0.0467 0.0504 26-Mar-20 10.6959 0.0334 0.0360
Direct Plan - Monthly Dividend
L&T Short Term Bond Fund 26-May-20 11.6511 0.0500 0.0500
Record Date NAV as on Record Quantum of Dividend Quantum of Dividend 27-Apr-20 11.4010 0.0500 0.0500
Date (`) (Corporate) (Non-Corporate) 26-Mar-20 11.0203 0.0334 0.0360
(`) Per Unit (`) Per Unit
Regular Plan - Monthly Dividend L&T Low Duration Fund
Record Date NAV as on Record Quantum of Dividend Quantum of Dividend
26-May-20 11.4988 0.0600 0.0600
Date (`) (Corporate) (Non-Corporate)
27-Apr-20 11.3314 0.0600 0.0600 (`) Per Unit (`) Per Unit
26-Mar-20 11.0409 0.0400 0.0432 Regular Plan - Monthly Dividend
Direct Plan - Monthly Dividend 26-May-20 10.4305 0.0600 0.0600
27-Apr-20 10.4307 0.0600 0.0600
26-May-20 11.9734 0.0600 0.0600
26-Mar-20 10.4999 0.0400 0.0432
27-Apr-20 11.7920 0.0600 0.0600
Direct Plan - Monthly Dividend
26-Mar-20 11.4825 0.0400 0.0432
26-May-20 10.8958 0.0600 0.0600
Record Date NAV as on date of Quantum of Dividend Quantum of Dividend 27-Apr-20 10.8890 0.0600 0.0600
declaration (`) (Corporate) (`) (Non-Corporate) (`)
Per Unit Per Unit 26-Mar-20 10.9538 0.0400 0.0432
Quantum of Dividend Quantum of Dividend
Regular Plan - Quarterly Dividend NAV as on date of
Record Date (Corporate) (Non-Corporate)
20-Mar-20 10.9303 0.1334 0.1441 declaration (`)
(`) Per Unit (`) Per Unit
27-Dec-19 10.9827 0.1334 0.1441 Regular Plan - Annual Dividend
24-Sep-19 10.9680 0.1334 0.1441 20-Mar-20 11.2609 0.4669 0.5042
Direct Plan - Quarterly Dividend 22-Mar-19 11.4578 0.4669 0.5042
20-Mar-20 11.4891 0.1401 0.1513 23-Mar-18 11.4016 0.4684 0.5056
Regular Plan - Annual Dividend
27-Dec-19 11.5315 0.1401 0.1513
20-Mar-20 11.4234 0.4669 0.5042
24-Sep-19 11.5021 0.1401 0.1513
22-Mar-19 11.5584 0.4669 0.5042
Regular Plan - Annual Dividend
23-Mar-18 11.4451 0.4684 0.5056
20-Mar-20 12.9759 0.5336 0.5763
22-Mar-19 12.7702 0.5336 0.5763 L&T Credit Risk Fund
Record Date NAV as on Record Quantum of Dividend Quantum of Dividend
23-Mar-18 11.9986 0.0669 0.0722 Date (`) (Corporate) (Non-Corporate)
Direct Plan - Annual Dividend (`) Per Unit (`) Per Unit
20-Mar-20 13.3607 0.5670 0.6123 Regular Plan - Monthly Dividend
22-Mar-19 13.1148 0.5670 0.6123 26-May-20 9.8670 0.0000 0.0000
23-Mar-18 12.1462 0.0669 0.0722 27-Apr-20 10.1247 0.0500 0.0500
26-Mar-20 10.2784 0.0334 0.0360
Direct Plan - Monthly Dividend
L&T Gilt Fund 26-May-20 10.2730 0.0000 0.0000
Record Date NAV as on date o  f Quantum of Dividend Quantum of Dividend 27-Apr-20 10.5327 0.0500 0.0500
declaration (`) (Corporate) (Non-Corporate)
(`) Per Unit (`) Per Unit 26-Mar-20 10.6833 0.0334 0.0360
Quantum of Dividend Quantum of Dividend
Regular Plan - Quarterly Dividend NAV as on date of
Record Date (Corporate) (Non-Corporate)
declaration (`)
20-Mar-20 12.2602 0.1668 0.1801 (`) Per Unit (`) Per Unit
27-Dec-19 12.2003 0.1668 0.1801 Regular Plan - Annual Dividend
24-Sep-19 12.3118 0.1668 0.1801 20-Mar-20 11.4070 0.4669 0.5042
22-Mar-19 11.8266 0.4669 0.5042
Direct Plan - Quarterly Dividend
23-Mar-18 11.8991 0.4684 0.5056
20-Mar-20 13.3025 0.1801 0.1945
Direct Plan - Annual Dividend
27-Dec-19 13.1990 0.1801 0.1945
20-Mar-20 11.7550 0.4669 0.5042
24-Sep-19 13.2772 0.1801 0.1945 22-Mar-19 12.0881 0.4669 0.5042
23-Mar-18 12.0784 0.4684 0.5056
50
DIVIDEND HISTORY FOR DEBT SCHEMES
Data as on May 29, 2020

L&T Flexi Bond Fund L&T Triple Ace Bond Fund

Record Date NAV as on Record Quantum of Dividend Quantum of Dividend Record Date NAV as on date of Quantum of Dividend Quantum of Dividend
Date (`) (Corporate) (Non-Corporate) declaration (`) (Corporate) (Non-Corporate)
(`) Per Unit (`) Per Unit (`) Per Unit (`) Per Unit
Regular Plan - Monthly Dividend Regular Plan - Quarterly Dividend
26-May-20 11.5088 0.0700 0.0700 20-Mar-20 11.4887 0.1334 0.1441
27-Apr-20 11.3454 0.0700 0.0700
27-Dec-19 11.4393 0.1334 0.1441
26-Mar-20 11.0919 0.0467 0.0504
Direct Plan - Monthly Dividend 24-Sep-19 11.1772 0.1334 0.1441
26-May-20 13.4817 0.0800 0.0800 Direct Plan - Quarterly Dividend
27-Apr-20 13.2814 0.0800 0.0800 20-Mar-20 11.7821 0.1401 0.1513
26-Mar-20 12.9752 0.0534 0.0576 27-Dec-19 11.7279 0.1401 0.1513
Quantum of Dividend Quantum of Dividend 24-Sep-19 11.6902 0.1401 0.1513
NAV as on date of
Record Date (Corporate) (Non-Corporate)
declaration (`) Regular Plan - Annual Dividend
(`) Per Unit (`) Per Unit
Regular Plan - Annual Dividend 20-Mar-20 11.9928 0.3669 0.3962
20-Mar-20 11.5612 0.4669 0.5042 22-Mar-19 11.1585 0.3669 0.3962
22-Mar-19 11.2338 0.4669 0.5042 23-Mar-18 11.1963 0.4684 0.5056
23-Mar-18 11.1888 0.4684 0.5056 Direct Plan - Annual Dividend
Direct Plan - Annual Dividend 20-Mar-20 12.0195 0.3669 0.3962
20-Mar-20 11.8483 0.4669 0.5042
22-Mar-19 11.1595 0.3669 0.3962
22-Mar-19 11.4212 0.4669 0.5042
23-Mar-18 11.2747 0.4684 0.5056 Regular Plan - Semi Annual Dividend
20-Mar-20 16.7172 0.2668 0.2881
L&T Conservative Hybrid Fund 24-Sep-19 16.4237 0.2668 0.2881
Record Date NAV as on Record Quantum of Dividend Quantum of Dividend 22-Mar-19 15.5610 0.2668 0.2881
Date (`) (Corporate) (Non-Corporate) Direct Plan -Semi Annual Dividend
(`) Per Unit (`) Per Unit
20-Mar-20 19.4270 0.3002 0.3241
Regular Plan - Monthly Dividend 24-Sep-19 19.0420 0.3002 0.3241
26-May-20 10.4169 0.0400 0.0400 22-Mar-19 17.9946 0.3002 0.3241
27-Apr-20 10.4509 0.0600 0.0600
26-Mar-20 10.1441 0.0400 0.0432
Direct Plan - Monthly Dividend L&T Resurgent India Bond Fund
26-May-20 11.1849 0.0500 0.0500 Record Date NAV as on date of Quantum of Dividend Quantum of Dividend
declaration (`) (Corporate) (Non-Corporate)
27-Apr-20 11.2126 0.0600 0.0600
(`) Per Unit (`) Per Unit
26-Mar-20 10.8744 0.0400 0.0432 Regular Plan - Monthly Dividend
Record Date NAV as on date o  f Quantum of Dividend Quantum of Dividend 26-May-20 10.7806 0.0500 0.0500
declaration (`) (Corporate) (Non-Corporate) 27-Apr-20 10.8500 0.0600 0.0600
Regular Plan - Quarterly Dividend 26-Mar-20 10.7245 0.0400 0.0432
20-Mar-20 10.8538 0.1467 0.1585 Direct Plan - Monthly Dividend
27-Dec-19 11.2962 0.1467 0.1585 26-May-20 11.2234 0.0500 0.0500
24-Sep-19 11.1772 0.1334 0.1441 27-Apr-20 11.2851 0.0600 0.0600
Direct Plan - Quarterly Dividend 26-Mar-20 11.1432 0.0400 0.0432
20-Mar-20 11.3625 0.1534 0.1657 Regular Plan - Annual Dividend
27-Dec-19 11.8118 0.1534 0.1657 20-Mar-20 11.8937 0.4669 0.5042
24-Sep-19 11.6730 0.1401 0.1513 22-Mar-19 11.7524 0.4669 0.5042
23-Mar-18 11.9297 0.4684 0.5056
Direct Plan - Annual Dividend
20-Mar-20 12.3921 0.4669 0.5042
22-Mar-19 12.1130 0.4669 0.5042
23-Mar-18 12.1771 0.4684 0.5056

Pursuant to payment of dividend, NAV per unit of the dividend options of the aforesaid schemes will fall to the extent of the payout and statutory levy (if applicable). *Face value `1000/-. For
the remaining scheme Face value is `10/-. Past performance of the aforesaid schemes may or may not be sustained in future. Please note that the dividend rates mentioned are post applicable
dividend distribution tax deduction.

51
L&T INVESTMENT MANAGEMENT LIMITED BRANCH DETAILS
Data as on May 29, 2020

L&T INVESTMENT MANAGEMENT LIMITED - INVESTOR SERVICE CENTRES

Ahmedabad : Second Floor, Shital Varsha Arcade, Vijay Cross Road, Navarangpura, Ahmedabad-380009. Bengaluru : N-111(47-43), Manipal
Centre, First Floor, North Block, Dickenson Road, Bengaluru-560042. Bengaluru : Unit No. 1, 3rd Floor, Pride Hulkul, No. 116, Lalbagh Road,
Opp. Passport Office, Bengaluru-560027 Bhavnagar : L&T Financial Services, Shop No.FF-5,Gopi Arcade, Waghawadi Road, Bhavnagar
-364002. Bhopal : Alankar Complex, Mezzanine Floor, Above ICICI Bank, M.P.Nagar Zone-II, Bhopal-462011 Bhubaneshwar : 428/3818,
2nd Floor, Jaydev Nagar, Kalpana Square, Near Pantho Nivas, Bhubaneswar-751002 Borivali (Mumbai) : 4th Floor, Office No. 405, Orchid
Plaza, Off S V Road, Near Railway Platform No. 1, Borivali (West), Mumbai-400092 Chandigarh : Plot No. 174, 3rd Floor, Industrial Area,
Phase-2, Chandigarh-160002 Chennai : 6th Floor, K.G.N. Towers,No. 62 Ethiraj Salai (Commander- In- Chief Road), Egmore, Chennai-600105
Cochin : Ventura, 2nd Floor, Anjumana, NH 47 By Pass Road, Cochin-682024 Coimbatore : 1st Floor, “ Atria”, No. 2/8, Dr. NRN Layout,
Bharathiyar Road, Palayam, Coimbatore-641037. Dalamal (Mumbai) : 407 ‘A Wing’, Dalamal Tower, Free Press Journal Road, Nariman Point,
Mumbai-400021. Ghatkopar (Mumbai) : Office No. 504, 5th Floor, Zest Business Spaces, M.G. Road, Ghatkopar (East), Mumbai- 400077
Goa : Shop No. F2, 1st Floor, Edcon Tower, Menezes Braganza Road, Panaji-403001 Gurgaon (New Delhi) : Office no 221, 2nd Floor, Galleria
Market, DLF City Phase 4, Gurgaon-122002 Hyderabad : 4th floor, APDL Estates, 7-1-21/A, Survey No. 341/1, Diagonally opposite to Country
Club, Begumpet, Hyderabad-500016 Indore : “Dhan Trident” Block No. B-3, PU- 4, Scheme No. 54, Near Vijay Nagar Square, Indore-452010
Jaipur : 2nd Floor,Shree ji Tower, C-99, C- Scheme, Jaipur-302001 Jalandhar : SCO-3, 2nd Floor, Puda Complex, Adjoining Andhra Bank, Opp.
Suvidha Centre, Jalandhar City-144001 Jamnagar : G-43, Ground Floor, Madhav Plaza,Opp SBI Bank,Near Lal Bunglow Jamnagar-361001
Jamshedpur : 3B, Rear Side,3rd Floor,Fairdeal Complex,H No 7,Main Road Bishtupur,Jamshedpur-831001 Kalina (Mumbai): Ground Floor,
Brindavan, Plot No 177, CST Road, Kalina, Santacruz (E), Mumbai-400098 (24-Jul-2018) Kanpur : 14/1116 D - 2, First Floor, Vodafone
Tower , Civil Lines , Kanpur-208001 Kolhapur : L&T Financial Services,1st Floor,F01&F02,Jaduben Plaza,1108/E,Shahupuri,Kolhapur-416001
Kolkata : 4th Floor, 2/1, Kankaria Centre, Russell Street, Kolkata-700 071 Lucknow : 4th Floor, Commerce House, Habibullah Estate, 11,
MG Marg, Hazrat Ganj, Lucknow-226 001 Ludhiana : SCO 10-11, 2nd Floor, Feroze Gandhi Market, Ludhiana-141002 Nagpur : Office
No. 501, 5 Floor, Shriram Shyam Tower, Sadar, Nagpur-440 012 Nasik : 1st Floor, Devi’s Zone, West Wing, Opp. Big Bazaar, College Road,
Nasik-422 005. New Delhi : 6th Floor,DCM Building,16, Barakhamba Road, Connaught Place, Above Barakhamba Road Metro Station,
New Delhi-110001 Panipat : NK Tower, 2nd Floor, GT Road, Panipat-132103 Patna : Office no.201,2nd Floor, Grand Aley Manawar, Ward
No. 2, Circle No. 6,Street No.20,Holding No.256,Survey Plot No. 877,Gandhi Maidan Road, Patna-800001 Pune : Ground Floor, Shop No.2,
CTS 1125,Sheetal Plaza, Near ICICI Wealth Management, Model Colony, Shivaji Nagar, Pune-411016 Rajkot : Business Avenue, 2nd Floor,
Near Punjab Honda, KKV Hall Circle, Kalawad Road, Rajkot-360005 Surat : 2nd Floor, Rockford Business Centre, Udhana Darwaja, Ring
Road, Surat-395002 Thane (Mumbai) : Unit No.501 & 502, 5 Floor, Sunrise Business Park, Plot No. B-68, Road No. 16, Nehru Nagar, Wagle
Industrial Estate, Thane (W)-400 604. Trichy : 2nd Floor, Sai Krishna Enclave, Block No. 18, Salai Road, Near Hotel Kanappa, Trichy-620018.
Trivandrum : Parmeswara Towers, T C 15/1948(4), Ganapathy Kovil Road, Opp. Canara Bank, Vazhuthacaud, Trivandrum-695014. Vadodara
: Office No .202 - 203 , Second Floor , Sahyog Atrium , Old Padra Road , Vadodara-390015 Varanasi : 2ND Floor,Unit D-64/127-CH,Arihant
Complex,Sigra,Varanasi-221010 Vijayawada : 2nd Floor,Datta Sai Vemuri Towers, N.T.S. No. 452,D.No.39-10-10/1,Veterenary Hospital Road,
Labbipeta, Vijayawada, Andhra Pradesh-520010.

L&T INVESTMENT MANAGEMENT LIMITED - SALES OFFICES

Agra : First Floor, 108, Anand Vrindavan, Sanjay Place, Agra-282002. Allahabad : FF109 & FF110, 1st Floor, Vinayak Complex, Elgin Road,
Civil Lines, Allahabad-211 001. Amritsar : G.R Tower, 1st Floor, Mall Road, Amritsar-143001. Anand : Imperial Square, 3rd Floor,Office
No. 304 & 305, Amul Dairy Road, Near Ganesh Chowkdi, Anand-388001. Aurangabad : 1st Floor, Ratnaprabha Complex, Jalna Road,
Aurangabad-431001. Calicut : 2nd Floor, Trade Link Complex, Challapuram Road,Mankave Junction, Calicut-673007. Cuttack : 1st Floor, OSL
Tower-3, Badambadi Square, Cuttack-753009. Dehradun : 2nd Floor, 75-A, Mak Plaza, Rajpur Road, Dehradun-248001. Durgapur : B-27,
Biplabi Rasbihari ,Basu Sarani, Bidhan Nagar, Sector 2A, Durgapur-713212. Guwahati : 2nd Floor, DD Tower, Christian Basti, Guwahati-781005.
Hubli : No. 472, 473 & 474, 3rd floor, V A kalburgi Square, Beside Ganesh Hotel, Vivekananda Hospital road, Deshpande Nagar, Hubli-580
020. Jodhpur : C-44, 2nd Floor, (Rear Portion), 5th Avenue, Pwd Road, Jodhpur-324002. Madurai : Rakesh Towers, No.30C, 3rd Floor,
Subramania Pillai Street Bypass Road, S.S Colony, Madurai-625016. Mangalore : 1st Floor, Aadheesh Avenue,Shop No.106,Opposite Besant
College, M G Road, Kodiala Bail,Manglore-575003. Mysore : Kiran Mansion, First Floor, No. 646, Chamaraja Double Road, Mysore-570024.
Pondicherry : 1st Floor, No:144, 100 feet road, ECR Main Road, Pakkamudayanpet, Lawspet, Pondicherry-605008. Raipur : 1st floor, Simran
Tower, Opposite LIC Building, Pandri, Raipur-492004. Ranchi : 1st Floor,45, Garikhana, Near PNB, Harmu Road, Ranchi-834001. Rourkela
: Sector 19, L&T House,Ambagan, Rourkela-769005. Siliguri : 3rd Floor, Infinity Square, Sevoke Road, Siliguri-734001. Udaipur : 32/1105,
Centre Point, 2nd Floor, Opp. B.N. College, Udaipur-313001. Vapi : 1st floor, Office No - 2, Jayam Complex, Plot No - 32/B, 1st Phase, Near
GIDC Char Rasta, Vapi, Gujarat-396195. Vishakapatnam : D.No : 47-14-5/1, Flat No:303, 2rd Floor,Eswara Paradise,Beside State Bank of
India, Dwarakanagar Main road,Visakhapatnam-530016.
CL07204

52
Data as on May 29, 2020

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